In 2023, plaintiffs filed 33 securities class action lawsuits against non-U.S. issuers, down by one from the 34 filings in 2022. This number indicates a continued decline in non-U.S. issuer filings, since a recent high of 88...more
As we close out 2023 and begin the first quarter of 2024, securities and derivative litigation continues to evolve. In this quarterly update, we examine trends in federal securities class action filings, which saw an uptick...more
2/20/2024
/ Banking Sector ,
Biotechnology ,
Class Action ,
Cryptocurrency ,
Derivatives ,
False Statements ,
Infrastructure ,
International Maritime Organization (IMO) ,
Investors ,
Japan ,
Life Sciences ,
Macquarie Infrastructure Corp v Moab Partners LP ,
Philip Morris ,
Private Actors ,
Private Right of Action ,
Regulation S-K ,
Rule 10(b) ,
SCOTUS ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Special Purpose Acquisition Companies (SPACs)
Examine a major Ninth Circuit decision affirming dismissal of a Section 14(a) derivative action based on a forum-selection clause;
Highlight the Third Circuit’s adoption of the Omnicare standard for securities fraud claims;...more
7/24/2023
/ Books & Records ,
Capitalization ,
Class Action ,
Coinbase ,
Cryptocurrency ,
Delaware General Corporation Law ,
Derivative Suit ,
Disney ,
Environmental Social & Governance (ESG) ,
Forum Selection ,
Mergers ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Fraud ,
Securities Litigation ,
Shareholders ,
Waivers
In this edition of Dechert’s Securities & Derivative Litigation Quarterly Update, we:
Examine the first criminal insider trading prosecution based on a 10b5-1 trading plan;...more
5/15/2023
/ Class Action ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Derivatives ,
Enforcement ,
Fraud ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Settlement ,
Special Purpose Acquisition Companies (SPACs) ,
Trading Plans
In 2022, there were 197 federal securities class actions filed, which is a 6.6% drop from the 211 filings in 2021, and a significant drop from the over 400 filings in 2017, 2018, and 2019, and over 300 in 2020. Despite a...more
2/7/2023
/ Blockchain ,
Certiorari ,
Class Action ,
Cryptocurrency ,
Derivatives ,
Enforcement ,
Environmental Social & Governance (ESG) ,
Greenwashing ,
Litigation Strategies ,
SCOTUS ,
Securities ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Settlement ,
Special Purpose Acquisition Companies (SPACs)
In 2021, securities class actions declined compared to the year before, and were significantly less than the number of filings in the previous three years. According to statistics from the Stanford Law School Securities Class...more
As securities class actions are being filed at a slower pace over the past year, a few notable developments continued into the second quarter of 2021. In particular, the U.S Supreme Court clarified an important issue...more
For the first time in several years, securities fraud cases declined in 2020, largely due to the pandemic. However, we don’t expect this decrease to continue. Just three months into 2021, there are a number of issues trending...more
The once-in-a-century pandemic has triggered not only market turbulence, but also unprecedented mass layoffs and furloughs. As the markets continue to fluctuate and public companies plan reductions in staff, companies—and...more
2/8/2021
/ Confidential Witnesses ,
Coronavirus/COVID-19 ,
Employer Liability Issues ,
Hiring & Firing ,
Infectious Diseases ,
Layoffs ,
Publicly-Traded Companies ,
Risk Mitigation ,
Securities Fraud ,
Shareholders ,
Stock Drop Litigation ,
Whistleblowers
Life sciences companies were popular targets of class action securities lawsuits in 2018.
In the most recent edition of our annual survey, Dechert litigators David H. Kistenbroker, Joni S. Jacobsen and Angela M. Liu examine...more
2/13/2019
/ Anti-Kickback Statute ,
Class Action ,
Clinical Trials ,
FDA Approval ,
Fraud ,
Life Sciences ,
Material Misstatements ,
Mismanagement ,
Misrepresentation ,
Popular ,
Risk Management ,
Risk Mitigation ,
Securities Fraud ,
Securities Litigation ,
Stock Drop Litigation ,
Surveys
2017 was a record year for class action securities litigation, and life sciences companies continued to be popular targets of such lawsuits. During 2017, plaintiffs filed a total of 88 class action securities lawsuits against...more
2/9/2018
/ Bribery ,
Class Action ,
FDA Approval ,
Insider Trading ,
Life Sciences ,
Misrepresentation ,
Motion to Dismiss ,
Pharmaceutical Industry ,
Scienter ,
Securities Fraud ,
Stock Drop Litigation ,
Surveys
As popular targets for investor suits, officers and directors of public companies have another tool to defend against securities class actions, and specifically claims relating to the recording of goodwill. On May 5, 2017, in...more
Life sciences companies continued to be popular targets of securities fraud class action lawsuits filed in 2016, and prudent life sciences companies should take heed of the results of this year’s decisions. In 2016,...more
3/9/2017
/ Antitrust Violations ,
Class Action ,
Drug Pricing ,
False Statements ,
FDA Approval ,
Generic Drugs ,
Life Sciences ,
Material Misrepresentation ,
Omissions ,
Popular ,
Price-Fixing ,
Promotional Items ,
Risk Mitigation ,
Securities Fraud ,
Stock Drop Litigation
A closely-watched set of claims stemming back to the 2008 global financial crisis has settled for a massive €1.204 billion (US$1.3 billion), making it one of the highest settlements ever and ushering in a new era in the...more
3/21/2016
/ Bailout ,
Class Action ,
Corporate Counsel ,
Foreign Investment ,
International Litigation ,
Netherlands ,
Oil & Gas ,
Rule 10(b) ,
Securities Fraud ,
Securities Litigation ,
Settlement ,
Young Lawyers