Misleading Statements

News & Analysis as of

"Delaware Supreme Court Provides Guidance on Aiding-and-Abetting Liability for Financial Advisors"

On November 30, 2015, the Delaware Supreme Court issued a much-anticipated opinion in RBC Capital Markets, LLC v. Jervis, No. 140, 2015, 129 A.3d 816 (Del. 2015). The Supreme Court unanimously affirmed the Court of Chancery’s...more

ASA delivers knock-out blow to UK mobile network

The Advertising Standards Authority (ASA) has ruled that Three’s Muppet-themed ad, featuring a character victoriously punching into the air, which claimed that the mobile company was the ‘undisputed’ market leader in terms of...more

Advertising Law - May 2016

Kanye's Promise of Exclusivity a Siren Song, Suit Says - Kanye West's latest drama involves the courtroom—specifically, a putative class action complaint alleging false advertising, unfair competition, and unjust...more

SEC Prevails In Jury Trial Against Former CEO of Drug Firm

The SEC prevailed at trial against the former CEO of a biopharmaceutical company on claims that he made false and misleading statements regarding the regulatory approval status of the firm’s only drug. Following a two week...more

Automotive Law Group News: Appellate Court Win for Massachusetts State Auto Dealers Association

Murtha Cullina's automotive industry team achieved a victory on behalf of the Massachusetts State Automobile Dealers Association on March 17, 2016 when the Massachusetts Appeals Court voted unanimously to affirm the dismissal...more

Second Circuit Stresses Control, Not Attribution, In Applying Janus’s “Ultimate Authority” Test, And Also Allows Expert Testimony...

In Janus Capital, the Supreme Court established the “ultimate authority” test to determine who may be liable under Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) as a “maker” of a materially misleading...more

SEC Charges Biotech Company and Its Officers with Misleading Investors by Failing to Disclose FDA Concerns and Recommendations

On March 29, 2016, the Securities and Exchange Commission (SEC) announced charges against a biotech company and three of its officers for securities fraud. The company has agreed to pay $4 million to resolve the charges...more

New York’s Appellate Division Reinstates Attorney General’s Statutory Fraud Claim Against “Trump University”

In State of New York v. Trump Entrepreneur Initiative LLC, New York’s Appellate Division recently denied a motion by Donald Trump’ organization to dismiss a fraud claim brought by the New York Attorney General (“AG”) under...more

Why I’m So Passionate about Omnicare

On March 24, 2015, the U.S. Supreme Court issued its opinion in Omnicare, Inc. v. Laborers Dist. Council Const. Industry Pension Fund, 135 S. Ct. 1318 (2015). My partner Claire Davis and I are publishing a forthcoming...more

Ken Adam and the Imagination of Reality – Corporate Governance

Ken Adam died earlier this month. If you are anything close to a James Bond aficionado, his name is well known to you for his creation of the fabulous sets on all the movies from Dr. No to Moonraker. I still marvel at the...more

Hong Kong Market Misconduct: The SFC’s Extra-Territorial Reach

The Securities and Futures Commission of Hong Kong (the “SFC”) recently initiated proceedings for alleged market misconduct against U.S.-based Andrew Edward Left in connection with his research report (“Left’s report”)...more

Second Circuit Affirms District Court in Tongue v. Sanofi

On March 4, 2016, the United States Court of Appeals for the Second Circuit affirmed the District Court for the Southern District of New York in Tongue v. Sanofi, No. 15-588-CV, 2016 WL 851797 (2d Cir. Mar. 4, 2016), holding...more

Second Circuit Applies Omnicare to Affirm Dismissal of Securities Fraud Actions

On March 4, 2016, the Second Circuit affirmed the dismissal of two related securities actions against Sanofi Pharmaceuticals, its predecessor Genzyme Corporation, and three company executives (collectively, “Sanofi”). In...more

Second Circuit Reinforces Liability Standard in Securities Cases Based on Statements of Opinion

The U.S. Court of Appeals for the Second Circuit reinforced the stringency of the new standard for liability in securities cases arising from allegedly misleading statements of opinion. Construing the Supreme Court's 2015...more

Uber Settles Class Action Over “Safe Rides” Fee

Uber announced that it has reached a settlement in two putative class action lawsuits, Philliben v. Uber Technologies, Inc. and Mena v. Uber Technologies, Inc., which alleged that Uber’s labeling of a $1 charge as a “Safe...more

An Honest Struggle to Advertise "Natural" Products

On February 12, 2016, two consumers brought a proposed New York state class action lawsuit against The Honest Company, Inc., a personal care products company co-founded by actress Jessica Alba. The lawsuit alleges that The...more

What Ever Happened To….The Pension Lawsuit Against CIGNA?

One of the cases I’ve covered on this blog since the beginning, was a lawsuit challenging CIGNA’s change from a traditional defined benefit plan to a cash balance plan. In plain English, it was basically (and I’m...more

Chobani Yogurt Ad Campaign Enjoined – A Healthy Result for Yoplait and Dannon

When I opened up a newspaper a few weeks ago and saw an ad by Chobani for its Simply 100 Greek Yogurt, my first thought was, “that’s going to provoke a false advertising dispute.” Here’s what Chobani said about its competitor...more

U.S. Government Reminds Colleges and Universities to be Prepared to Defend Advertised Statistics

The Federal Trade Commission (“FTC”) and U.S. Department of Education (“ED”) recently reminded all colleges and universities to review their online and print materials not only for the accuracy of any employment statistics...more

FTC Enforcement in Schein: Misleading Statements about Encryption and Cybersecurity

On January 5, 2015, the Federal Trade Commission (FTC) entered into a consent order with dental software manufacturer Henry Schein Practice Solutions, Inc. ("Schein") in connection with allegations that Schein had made...more

Integrating UDAAP Concerns into Compliance Management Systems

DWT’s Payments Team participated in the ABA Consumer Financial Services Committee’s Winter Meeting in Park City, Utah last week. Andrew Owens delivered a presentation on advertising and issuing credit online during the...more

"Insights Conversations: Securities Litigation"

From the impacts of U.S. Supreme Court Omnicare and Halliburton cases to the uptick in Securities Act class actions, litigation partners Scott Musoff and Susan Saltzstein discuss the latest securities litigation developments....more

First Circuit Overturns SEC Ruling in Flannery v. SEC

The First Circuit’s decision underscores the limits of court deference to Commission decisions, gives teeth to the “substantial evidence” standard of review, and provides a valuable roadmap for evaluating and defending...more

Trader Joe’s Wins Dismissal of Soymilk Products Mislabeling Claims

On December 2, 2015, Judge Vince Chhabria of the Northern District of California dismissed with prejudice claims that grocery retailer Trader Joe’s violated California’s Unfair Competition Law (UCL) by using the term...more

Update on Proposed Amendments to the Borrower Defense to Repayment Rule

The U.S. Department of Education (“USDE”) is continuing to move forward with issuing new regulations regarding the “Borrower Defense to Repayment Rule” (“BDRR”). The BDRR concerns the ability of a Direct Loan borrower to seek...more

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