Securities Constitutional Law Civil Remedies

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Texas Court Rules that Regardless of Fault, CEOs and CFOs Will Have to Pay Up Under Sarbanes-Oxley Section 304

A Texas federal judge denied defendants ArthoCare CEO Michael A. Baker and CFO Michael T. Gluk’s motion to dismiss the SEC’s claim against them under Sarbanes-Oxley (“SOX”) Section 304’s clawback provision. Section 304...more

Court Slaps Down Section 25400 Market Manipulation Claim Against Convicted Felon

Corporations Code Section 25400 is California’s anti-market manipulation statute. The statute copied clauses (1) through (5) of Section 9(a) of the Securities Exchange Act of 1934 and declares unlawful specified actions...more

California Supreme Court Affirms "Continuous Stock Ownership Requirement" for Plaintiffs in Derivative Shareholder Litigation

The California Supreme Court ruled today in Grosset v. Wenaas, No. S139285 (February 14, 2008), that California law includes a “continuous stock ownership requirement” for plaintiffs in derivative shareholder actions. The...more

Complaint Dismissed – Delaware Court Issues Significant Backdating Decision

Complaint Dismissed – Delaware Court Issues Significant Backdating Decision On June 7, Vice Chancellor Strine of the Delaware Chancery Court issued a significant 75-page decision in a stockholder’s derivative action...more

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