False Statements

News & Analysis as of

Construction Alert: "Personal Liability for Fraudulent Pay Applications"

A false notarized payment application signed by a Contractor and submitted to an Owner may make both the Contractor and the person who signed the false application personally liable for damages suffered by the Owner. ...more

Adviser Settles False Performance Claims With SEC

The SEC filed a settled action involving a registered investment adviser that made false statements in marketing materials about a strategy utilized by a sub-adviser. The adviser failed to evaluate statements in the materials...more

This Week In Securities Litigation

The New York AG may have launched a new trend this week. Using the Martin Act, he filed a settled action against the largest coal producer in the nation alleging false statements regarding the firm’s ability to project the...more

Supreme Court Hears Oral Argument In Spokeo

Last Monday, the Supreme Court heard argument in Spokeo, Inc. v. Robins, one of this Term’s closest-watched cases, especially in the data-privacy field. While attempting to “read the tea leaves” from oral argument can be...more

U.S. Supreme Court Denies S&P Investors’ Petition for Certiorari

On November 2, 2015, the United States Supreme Court denied investors’ petition for review of a Second Circuit decision affirming the dismissal of their class action against Standard & Poor’s Rating Services’ parent,...more

If Considered Material, False Statements Made to Federal Regulatory Bodies Create Exposure to Criminal Liability - United States...

The U.S. Court of Appeals for the Tenth Circuit reversed a conviction for making a false statement to the U.S. Patent and Trademark Office (USPTO), holding that a false statement is not material if it could not influence the...more

OMNICARE and its Implications

In the spring of this year, the Supreme Court issued its long-awaited decision in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, 135 S.Ct. 1318 (2015), resolving a circuit split regarding the...more

Advertising Law - October 2015 #4

Eleventh Circuit Rejects Application of VPPA to Free App - The latest decision interpreting the application of the Video Privacy Protection Act in the context of twenty-first century technology provides positive news for...more

Defrauded Defendant Defenseless Against Investors: Ninth Circuit Imputes Scienter of Embezzling CEO to Corporation for 10b-5...

Malfeasance by a corporate insider against his company has the potential to leave a gaping wound. Facing a securities lawsuit due to that malfeasance is like salt in that wound. Corporations targeted with such lawsuits have...more

The FCA Impact Of DOJ’s Increased Focus on Small Business

In 2014, the Small Business Administration reported that almost a quarter of approximately $367 billion of eligible funding for small business contracting, or roughly $91.7 billion, was awarded to small businesses as prime...more

That’s TheWrap: A Change In California Law To Protect Online Media Publications

A dispute involving an online media publisher has prompted California’s Legislature and Governor Jerry Brown to revise California’s libel law, in an effort to protect such publishers. California’s Civil Code Section 48a...more

New York’s Top Court Denies Sprint’s Bid to Dismiss Tax Fraud Suit

The New York Court of Appeal ruled on Tuesday, October 20, 2015 that Sprint must face a $390 million tax fraud suit brought by New York Attorney General (AG) Eric Schneiderman, finding that the state’s tax law applies to...more

Securities Class Action Defense Counsel Selection: An Interview Process is Essential

When a public company purchases a significant good or service, it typically seeks competitive proposals. From coffee machines to architects, companies invite multiple vendors to bid, evaluate their proposals, and choose one...more

GA Department of Banking and Finance Enters into Consent Order with Mortgage Lender and Owner

On October 21, the Georgia Department of Banking and Finance (the Department) announced a consent order with a South Carolina-based mortgage lender and its individual owner to resolve a Notice of Intent to Revoke Annual...more

Corporate Investigations & White Collar Defense - October 2015

"Wherefore Art Thou Due Process?" Part III - Why it matters: It is time for another installment in our continuing "Wherefore Art Thou Due Process?" coverage into the ongoing constitutional challenges to the SEC's...more

"Dole Ruling Serves as Cautionary Tale for Take-Private Deals"

Earlier this year, in a consolidated breach of fiduciary duty and appraisal action, Vice Chancellor J. Travis Laster of the Delaware Court of Chancery issued a post-trial opinion that includes many important takeaways for...more

FTC Strikes Again—Company Found to Make False and Misleading Biodegradable Claims

On October 20, 2015, the United States Federal Trade Commission (FTC) released a Final Order with a corresponding Opinion against ECM BioFilms, Inc. (ECM) stating that ECM made false and unsubstantiated environmental claims...more

The Truth Will Set (And Keep You) Free - Making False Statements to an OSHA Inspector Can Result in Criminal Charges

On April 6, 2015, the United States Department of Justice charged a roofing contractor doing business in Alabama with making false statements and lying to OSHA inspectors in connection with an incident investigation at one of...more

Another Round of Favorable SEC Settlements, But Only for Underwriters that Self-Reported

The SEC has rolled out its second wave of enforcement actions against 22 municipal underwriting firms for alleged securities violations in municipal bond offerings in connection with its Municipalities Continuing Disclosure...more

SEC Settles with Swiss Bank Over Misconduct of Issuing Complex Structured Notes

On October 13, the SEC announced a $19.5 million settlement with a Swiss bank for allegedly misleading U.S. investors by making false and misleading statements and omissions in connection with the offering of complex retail...more

Hastert Reaches Plea Deal in Anti-Money Laundering Case – Guilty Plea Expected

As I reported in a June 2, 2015 client alert, on May 28, 2015, Dennis Hastert, former Speaker of the U.S. House of Representatives, was indicted by a federal grand jury in the Northern District of Illinois. Mr. Hastert, a...more

Advertising Law - October 2015

Commercials Pulled After Endorser Admits 9/11 Lies - The revelation that an endorser lied about his whereabouts on September 11 led a national sports-themed restaurant chain to stop airing commercials where the actor...more

Inside the Courts: An Update From Skadden Securities Litigators - September 2015 / Volume 7 / Issue 3

This issue of Inside the Courts, Skadden’s securities litigation newsletter, includes summaries and associated court opinions of selected cases principally decided between May 2015 and August 2015. The cases address...more

Bridging the Week - October 2015

ESMA Publishes Final Technical Standards for MiFID II - The European Securities and Markets Authority issued the equivalent of final rules (known as “technical standards”) to implement three cornerstones of the European...more

September 2015: Appellate Update

Postscript to the U.S. Supreme Court’s October 2014 Term. The Supreme Court of the United States completed its October 2014 term in June, having decided a number of matters of wide public interest. Among the most notable was...more

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