Inside The Courts - May 2014 | Volume 6 | Issue 2

In This Issue:

- AUDITOR LIABILITY:

..Athale v. Sinotech Energy Ltd., No. 11 Civ. 05831(AJN) (S.D.N.Y. Feb. 21, 2014)

- BYLAWS:

..ATP Tour, Inc. v. Deutscher Tennis Bund (German Tennis Federation), No. 534, 2013 (Del. May 8, 2014)

- CLASS CERTIFICATION:

..In re BP p.l.c. Sec. Litig., MDL No. 10-md-2185, 2014 (S.D. Tex. May 20, 2014)

..In re Kosmos Energy Ltd. Sec. Litig., No. 3:12-CV-373-B (N.D. Tex. Mar. 19, 2014)

..N.J. Carpenters Health Fund v. DLJ Mortg. Capital Inc., No. 08 Civ. 5653 (PAC) (S.D.N.Y. Mar. 17, 2014)

..Dodona I, LLC v. Goldman, Sachs & Co., 296 F.R.D. 261 (S.D.N.Y.b 2014)

- EXCHANGE ACT:

..In re L & L Energy, Inc. Sec. Litig., No. 11-1423 (W.D. Wash. Dec. 3, 2013)

- FIDUCIARY DUTIES:

Mergers and Acquisitions:

..Chen v. Howard-Anderson, No. 5878-VCL (Del. Ch. Apr. 8, 2014)

..In re Rural Metro Corp. S’holders Litig., No. 6350-VCL (Del. Ch. Mar. 7, 2014)

..In re Orchard Enters. Inc. S’holder Litig., No. 7840-VCL (Del. Ch. Feb. 28, 2014)

- FINRA:

..Goldman, Sachs & Co. v. City of Reno, No. 13-15445 (9th Cir. Mar. 31, 2014)

- FOREIGN CORPORATIONS:

..City of Pontiac Policemen’s And Firemen’s Ret. Sys. v. UBS AG, No. 12-4355-cv (2d Cir. 2014)

..Atlantica Holdings, Inc. v. Sovereign Wealth Fund Samruk-Kazyna JSC, No. 12 Civ. 8852 (JMF) (S.D.N.Y. Mar. 10, 2014)

- INSIDER TRADING:

..Roth v. The Goldman Sachs Grp., Inc., 740 F.3d 865 (2d Cir. 2014)

..Steginsky v. Xcelera Inc., 741 F.3d 365 (2d Cir. 2014)

- INTERLOCUTORY APPEALS:

..In re Facebook, Inc., IPO Sec. & Derivative Litig., No. 12-2389 (S.D.N.Y. Mar. 13, 2014)

- INTERPRETING JANUS:

..Sec. & Exch. Comm’n. v. Monterosso, Nos. 13-10341, 13-10342, 13 10464 (11th Cir. Mar. 3, 2014)

..Sec. & Exch. Comm’n. v. Geswein, No. 5:10-CV-1235 (CAB) (N.D. Ohio Mar. 5, 2014)

- LOSS CAUSATION:

..Nakkhumpun v. Taylor, Nos. 12-cv-01038, 12-cv-01521 (D. Colo. Jan. 29, 2014)

- PSLRA:

Pleading Standards:

..Kuyat v. BioMimetic Therapeutics, Inc., No. 13-5602 (6th Cir. Mar. 28, 2014)

..Espinoza v. Whiting, No. 4:12-cv-1711 (SNLJ) (E.D. Mo. Mar. 18, 2014)

- Safe Harbor Provision:

..Pound v. Stereotaxis, Inc., No. 4:11-cv-1752 HEA (E.D. Mo. Mar. 18, 2014)

- SARBANES-OXLEY ACT:

..Beckett v. Brinx Res., Ltd., No. 3:13-CV-000342-LRH-WCG (D. Nev. Mar. 21, 2014)

- SCIENTER/SECURITIES ACT CLAIMS:

..Yates v. Mun. Mort. & Equity, LLC, 744 F.3d 874 (4th Cir. 2014)

- SEC ENFORCEMENT ACTIONS:

..Sec. Exch. Comm’n v. Shields, 744 F. 3d 633 (10th Cir. 2014)

- STANDING:

..Galope v. Deutsche Bank Nat’l Trust Co., No. 12-56892 (9th Cir. Mar. 27, 2014)

- STATUTE OF REPOSE:

..In re Bear Stearns Cos., Inc. Sec., Derivative, & ERISA Litig., No. 13 Civ. 2692 (S.D.N.Y. Feb. 5, 2014)

..Nat’l Credit Union Admin. Bd. v. Morgan Stanley & Co., No. 13 Civ. 6705(DLC) (S.D.N.Y. Jan. 22, 2014)

- Excerpt from S.D.N.Y. Dismisses Section 10(b) Claims Against Auditor:

Judge Alison J. Nathan of the U.S. District Court for the Southern District of New York dismissed claims that an auditor’s opinion contained allegedly material misstatements and omissions concerning a company’s financials in violation of Section 10(b) of the Securities Exchange Act. The unqualified opinion concluded that the consolidated financial statements fairly represented the company’s consolidated financial position and were in conformity with GAAP. The plaintiffs’ allegation that the auditor participated in the company’s alleged fraud to generate lucrative fees was insufficient to plead scienter because the mere desire to maintain a profitable business relationship does not establish motive. In addition, the auditor had no duty to conduct third-party investigations about the company’s customers, assets and undisclosed dealings, or to research the company’s industry and competitors, and the plaintiffs did not allege that the auditor knew about purported red flags pointing to the company’s fraud or how the auditor learned of those red flags....

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