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False Statements Financial Statements

Morrison & Foerster LLP

In SEC v. Rio Tinto PLC, the Second Circuit Confirms “Scheme Liability” Claims Require More than Misrepresentations.

Courts from the United States Supreme Court on down have long grappled with what, precisely, constitutes “scheme liability” under the federal securities laws, and to what extent a scheme can be based solely on false or...more

Allen Matkins

Is A Fair Statement Anything More Than Accurate?

Allen Matkins on

I often hear lawyers ask witnesses  X is a "fair statement".  When I hear this expression, I wonder do they mean is X an accurate statement or something else?  If they mean that the statement is literally "fair", as in just...more

King & Spalding

A Cautionary Tale on Non-GAAP Metrics

King & Spalding on

Increasingly used by REITs, non-GAAP metrics can provide insights into a company’s operating results that official GAAP metrics cannot. Such measures can demonstrate a company’s ability to deliver sustainable growth in...more

A&O Shearman

Southern District Of New York Dismisses Exchange Act Claims Alleging Failure To Properly Disclose Potential FCPA Violations

A&O Shearman on

On March 30, 2018, the United States District Court for the Southern District of New York dismissed with prejudice a class action complaint against Embraer S.A. (“Embraer” or the “Company”) and several of its officers,...more

Perkins Coie

Ninth Circuit Trims PSLRA Safe Harbor’s Protection for Forward-Looking Statements

Perkins Coie on

A recent decision of the U.S. Court of Appeals for the Ninth Circuit, In re Quality Systems, Inc. Securities Litigation, 865 F.3d 1130 (9th Cir. 2017), cut back on the protections afforded by the safe-harbor provision of the...more

Locke Lord LLP

False Financial Statements Not Always Actionable

Locke Lord LLP on

A Houston federal court recently held that neither an oil and gas company nor two of its directors were liable for federal securities fraud—and were not liable to shareholders—even though the company issued annual financial...more

Sheppard Mullin Richter & Hampton LLP

Ninth Circuit Permits SEC to Assert Standalone Claim for False Sarbanes-Oxley Certification and Confirms Disgorgement Remedy...

In Securities & Exchange Commission v. Jensen, No. 14-55221, 2016 WL 4537377 (9th Cir. Aug. 31, 2016), the United States Court of Appeals for the Ninth Circuit broke new ground by providing the Securities & Exchange...more

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