False Statements

News & Analysis as of

District Court Holds Plaintiff and Plaintiff's Attorneys Jointly and Severally Liable for Attorney's Fees and Costs After Finding...

After trial, HTC Corporation and HTC America, Inc. ("HTC") filed a motion seeking to recover attorney fees and costs from plaintiff's attorneys as well as from plaintiff Intellect Wireless, Inc. ("IW"). IW withdrew its...more

SEC Charges Attorney For Allegedly False Legal Opinion

Last week, the Securities and Exchange Commission announced charges against an attorney who was allegedly involved in the filing of false registration statements.  The SEC’s order instituting proceedings alleges that the...more

This Week In Securities Litigation

FCPA enforcement was the focus this first week of the new year. The DOJ brought FCPA and Travel Act charges against an individual alleged to have repeatedly bribed an official of the European Bank of Reconstruction and...more

When Scientific Research Becomes False Advertising

Positive results of scientific research on a company’s products can provide a tempting topic for advertising and promotion. If an article published in a well-established, peer-reviewed journal says that your company’s...more

A Compilation of Enforcement and Non-Enforcement Actions

SEC Looks to Step Up Oversight of the Fund Industry - At a recent conference, Mary Jo White, SEC chairman, announced that the SEC will look to increase its scrutiny of the mutual fund asset management segment to ensure...more

SEC Charges Company Executives With Issuing False Press Releases to Inflate Stock Price

The Securities and Exchange Commission recently charged two executives at a penny stock company with issuing false and misleading press releases while secretly selling thousands of their own stock shares into the market. The...more

Corporate and Financial Weekly Digest - Volume IX, Issue 47

In this issue: - SEC Sets October 2015 Target Date for Certain Dodd-Frank and JOBS Act Rulemaking - FINRA Issues Notice on TRACE Trade Reporting Obligations - NFA Issues Guidance on Exempt and Excluded...more

DOJ Announces Arrests and Charges Against Debt Collection Company

On November 19, the DOJ issued a press release announcing charges against six employees of a Georgia-based debt collection company for allegedly running a $4.1 million dollar debt collection scam. According to the press...more

Trademark Review: Nationstar, L.A.M.B., and Cinderella (November 2014)

Post Bose: The TTAB Cancels a Registration on the Ground of Fraud - Nationstar opposed an application for NATIONSTAR filed by an individual named Mujahid Ahmad. Nationstar claimed Mr. Ahmad committed fraud on the U.S....more

Court Finds FHFA Claims Against Nomura Are Not Time-Barred

On November 18, Judge Denise Cote of the United States District Court for the Southern District of New York granted the Federal Housing Finance Agency’s motion for partial summary judgment on the statute of limitations...more

Hospital Executive Pleads Guilty to False Meaningful Use Attestation for EHR Incentive Payments

The former CFO of Shelby Regional Medical Center, Joe White, pleaded guilty to knowingly making a false statement related to the hospital’s meaningful use of electronic health records (“EHR”). Shelby Regional had received...more

Illinois Supreme Court Holds Circuit Court Lacks Jurisdiction over Whistleblower Rate Challenge

State of Illinois ex rel. Pusateri v. The Peoples Gas Light and Coke Company presented an important question for the utilities bar: do the Circuit Courts have jurisdiction to order rate refunds on the grounds that the utility...more

The Regulators Are Coming! The Regulators Are Coming!

Regulators, in-house lawyers and compliance officers told a serious cautionary tale at the recent Practicing Law Institute Broker-Dealer Regulation and Enforcement seminar. Representatives of the Securities and Exchange...more

Federal Court Holds That Lack of Loss Causation Is Not a Defense Under Massachusetts Blue Sky Law

The United States District Court for the District of Massachusetts recently held in Massachusetts Mutual Life Insurance Co. v. Residential Funding Co., LLC, that lack of loss causation is not available even as an affirmative...more

U.S. Supreme Court Scrutinizes Three Proposed Standards for Determining Section 11 Liability for Statements of Opinion or Belief

On Monday, November 3, 2014, the U.S. Supreme Court held oral argument in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, No. 13-435. As noted in our previous client alert regarding this case,...more

Supreme Court May Reject Argument that Opinion Statements Are Actionable Simply Because False

During oral arguments in Omnicare v. Laborers District Council last week, the Supreme Court appeared to signal a rejection of the Sixth Circuit Court of Appeals’ position that a sincerely held statement of opinion or belief...more

Keep Your Unreasonable Opinions to Yourselves: The Supreme Court Hears Argument in Omnicare

On November 3, 2014, the U.S. Supreme Court held oral argument in Omnicare v. Laborers District Council Construction Industry Pension Fund. As discussed in earlier posts, from March 18, 2014 and July 22, 2014, the Supreme...more

High Court Likely Won’t Affirm 6th Circ. Omnicare Ruling

On Nov. 3, 2014, oral argument was held in another securities case being reviewed by the U.S. Supreme Court this year, Omnicare Inc. v. Laborers District Council. The issue before the Supreme Court is whether a plaintiff can...more

Omnicare Court Ponders Two Middle Paths: One Rocky, One Smooth

Monday’s oral argument before the Supreme Court in Laborers District Counsel Construction Industry Pension Fund v. Omnicare, Inc., (“Omnicare”) was remarkable in that, as Omnicare attorney Kannon Shanmugam noted, it was the...more

Believe It or Not? In Omnicare, the Supreme Court Considers the Standard of Liability for Statements of Opinion

Americans take as given the right to hold and express opinions. So it may come as a surprise to many that the federal securities laws impose civil liability for statements of opinion. It may be even more surprising that...more

Blog: SCOTUS Hears Omnicare: When Can A Statement Of Opinion Be Actionable As A “False Statement Of Material Fact”?

Yesterday, SCOTUS heard oral argument in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund. The case seeks to answer this question: when can a statement of opinion be actionable as a “false...more

Sixth Circuit again Demonstrates the Need for the Supreme Court to Clarify the Standard for Judging the Falsity of Opinions

On November 3, 2014, the U.S. Supreme Court will hear oral argument in Laborers District Counsel Construction Industry Pension Fund v. Omnicare, Inc., which concerns the standard for judging the falsity of an opinion...more

New York Specialty Pharmacy Settles FCA Case

On October 9, 2014, New York’s Attorney General Eric T. Schneiderman announced an $846,000 settlement with New York specialty pharmacy Sorkin’s Ltd Rx. d/b/a CareMed Pharmaceutical Services (“Sorkins”) to resolve allegations...more

HSBC Settles RMBS Claims with FHFA

On September 12, the FHFA and several HSBC affiliates and certain of their current and former officers (collectively, HSBC) announced a US$550 million settlement of claims that the FHFA had brought against HSBC in the...more

False Filing Still Protected

A policy against making bad faith complaints of discrimination or harassment is no protection for an employer. Recently, an employee – jointly employed by the Army and a private employer – filed a complaint of age...more

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