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Lack of Antitrust Standing Requires Dismissal of Complaint Against Alleged Chinese Magnesite Cartel

Last Thursday, Judge Kevin McNulty in the District of New Jersey issued a 69-page opinion explaining his sua sponte dismissal of the putative class action complaint in Animal Science Products, Inc. v. China Minmetals Corp.,...more

Sixth Circuit Affirms Dismissal of Securities Class Action for Failure to Properly Plead Scienter

On March 28, the US Court of Appeals for the Sixth Circuit affirmed a lower court’s dismissal of a shareholder class action against BioMimetic Therapeutics Inc., finding that plaintiffs had failed to sufficiently allege that...more

Dart Cherokee: SCOTUS to Hear Case on CAFA Pleading Requirements

The Supreme Court will now decide whether a 2006 Seventh Circuit decision on Class Action Fairness Act pleading requirements was correct. The Court granted certiorari today in a case that will resolve whether defendants...more

She Can’t Believe It’s Not Butter: Recent California Decision Reinforces the “Reasonable Consumer Standard” in Consumer Class...

In recent years, California retailers and product manufacturers have been inundated with consumer class action lawsuits. Because the question of whether a given product’s label and related representations are false or...more

Sixth Circuit Affirms Dismissal of Shareholder Class Action Due to Plaintiff’s Failure to Plead Recklessness

The US Court of Appeals for the Sixth Circuit recently affirmed an Ohio district court’s decision to dismiss a securities fraud putative class action accusing Defendant Zoo Entertainment, Inc. (Zoo), a video game software...more

Second Circuit Addresses Materiality of Alleged Omissions at the Pleading Stage

Earlier this week, the United States Court of Appeals for the Second Circuit issued a noteworthy decision regarding the standard for judging the materiality of alleged omissions in a class action lawsuit brought under Section...more

Ninth Circuit Revises Securities Class Action Lawsuit based on Claims of Fraud

In an unpublished opinion in The Hemmer Group v. Southwest Water Company, No. 11-56154, slip op. at 7-8 (9th Cir. Jun. 7, 2013), the U.S. Court of Appeals for the Ninth Circuit partially revived a securities class action...more

Southern District Rejects Evidence from "Confidential Witnesses" as Basis for Securities Class Action

A securities class action lawsuit against Canadian Solar, Inc. (CSI) was recently dismissed in the US District Court for the Southern District of New York for failing to adequately plead the required elements of a federal...more

Flawed Confidential Witness Allegations: A Crucial Issue in Securities Class Action Litigation

The recurring and pervasive problem of flawed confidential witness (“CW”) allegations tops my list of the key issues in securities class action litigation.* I don’t mean just notorious situations such as those recently at...more

Second Circuit Rules That Putative Auction Rate Securities Class Action Complaints Failed to Adequately Plead Antitrust Conspiracy

In Mayor and City Council of Baltimore v. Citigroup, Inc., No. 10-0722-cv(L) and 10-0867-cv(CON), 2013 WL 791397 (2d Cir. Mar. 5, 2013), the United States Court of Appeals for the Second Circuit upheld the dismissal of two...more

"Supreme Court Holds Securities Fraud Plaintiffs Are Not Required to Prove Materiality of Allegedly False Statements to Certify a...

Today, in a 6-3 decision, the Supreme Court of the United States held in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds that a securities fraud plaintiff alleging fraud on the market need not establish the...more

Pfizer’s Motion to Dismiss Successful in Class Action Over Its Probiotic Advertising

It is no surprise to anyone defending against false advertising claims that Rules 8 and 9(b) of the Federal Rules of Civil Procedure are powerful tools to force plaintiffs to articulate with specificity their theory of why...more

January 2013: Securities Litigation Update

Viability of Core Operations Doctrine Still Unsettled in Second Circuit: Securities fraud plaintiffs continue to attempt to plead scienter by invoking the “core operations” doctrine, which imputes to key company officers and...more

Inside The Courts - December 2012

This issue of Inside the Courts, Skadden's securities litigation newsletter, includes summaries and associated court opinions of selected noteworthy cases principally decided from July to November 2012. This edition addresses...more

McCarn v. HSBC USA, Inc.: A Federal Court Dismisses a Plaintiff's Attempt to Apply Antitrust-Conspiracy Principles to a Consumer...

On November 13, 2012, the U.S. District Court for the Eastern District of California, in McCarn v. HSBC USA, Inc., 2012 U.S. Dist. LEXIS 162257, issued an important decision rejecting as inadequate a plaintiff’s attempt to...more

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