News & Analysis as of

Private Securities Litigation Reform Act of 1995

Cozen O'Connor

Final Rules on Special Purpose Acquisition Companies, Shell Companies, and Projections

Cozen O'Connor on

On January 24, 2024, the Securities and Exchange Commission (SEC) adopted the final rules intended to augment investor protections in initial public offerings by special purpose acquisition companies (SPACs) and in subsequent...more

A&O Shearman

New York Appellate Court Holds That PSLRA Discovery Stay Applies To Securities Act Actions Initiated In New York State Court

A&O Shearman on

On November 2, 2023, the New York Appellate Division, First Department, held that the automatic discovery stay in the Private Securities Litigation Reform Act (“PSLRA”) applies to actions brought in New York state court...more

A&O Shearman

Northern District Of California Denies Motion To Dismiss Putative Class Action Against Software Company, Finding Plaintiff...

A&O Shearman on

On April 18, 2023, Judge William H. Orrick of the United States District Court for the Northern District of California denied a motion to dismiss a putative securities class action alleging a software company (the “Company”)...more

Vinson & Elkins LLP

SEC Releases Proposed Rules for Special Purpose Acquisition Companies (“SPACs”)

Vinson & Elkins LLP on

On March 30, 2022, the commissioners of the Securities and Exchange Commission (“SEC”), in a 3-to-1 decision approved the much anticipated proposed rules relating to special purpose acquisition companies (“SPACs”)....more

Mitchell, Williams, Selig, Gates & Woodyard,...

Enhancement and Standardization of Climate-Related Disclosures for Investors: Securities and Exchange Commission Proposed Rule

The Securities and Exchange Commission (“SEC”) announced a proposed rule on March 21st that would mandate that domestic or foreign registrants include certain climate-related information in registration statements and...more

Goodwin

Northern District of Illinois Grants Motion for Partial Reconsideration of Summary Judgment Decision Regarding Whether Former...

Goodwin on

Northern District of Illinois Grants Motion for Partial Reconsideration of Summary Judgment Decision Regarding Whether Former Walgreens CFO’s Statements Were Actionable; Securities Fraud Claims Against Chicken Producer for...more

Goodwin

President Biden Issues Sweeping Executive Order on Promoting Competition in the American Economy

Goodwin on

In This Issue. President Joe Biden issued a sweeping executive order aimed at cracking down on anticompetitive practices and reducing consolidation across multiple industry sectors, including financial services; the Federal...more

Goodwin

SCOTUS Grants Certiorari to Decide Whether Automatic Discovery Stay Applies to Securities Act Cases in State Court

Goodwin on

SCOTUS Grants Certiorari to Decide Whether Automatic Discovery Stay Applies to Securities Act Cases in State Court; Delaware Court of Chancery Dismisses Stockholder Suit Against FedEx for Failure to Make Pre-Litigation...more

Goodwin

Supreme Court To Decide Whether Automatic Discovery Stay Applies To Securities Act Cases In State Court

Goodwin on

The U.S. Supreme Court has agreed to decide whether the automatic discovery stay established by the Private Securities Litigation Reform Act of 1995 applies to cases under the Securities Act of 1933 when they are brought in...more

Latham & Watkins LLP

Supreme Court to Decide Whether PSLRA Discovery Stay Applies in State Court

Latham & Watkins LLP on

A Supreme Court decision could resolve significant inconsistency among trial courts as to the applicability of the PSLRA discovery stay. Key Points: ..While federal district courts have consistently applied the...more

Goodwin

Federal Reserve Hints at Government-Backed Cryptocurrency

Goodwin on

Federal Reserve Hints at Government-Backed Cryptocurrency; Third Circuit Affirms Dismissal of Securities Fraud Class Action Against Shutterfly Inc. Regarding Allegedly Misleading Financial Projections; Ninth Circuit Holds...more

Vinson & Elkins LLP

Recent Developments Highlight SPAC Securities And Shareholder Litigation Risks

Vinson & Elkins LLP on

As the wave of SPAC IPOs and de-SPAC transactions continues to build, so too has the scrutiny of these transactions from the SEC and the shareholder plaintiff’s bar. On April 8, 2021, the SEC gave its clearest warning yet...more

UB Greensfelder LLP

U.S. Supreme Court Accepts Case That Could Alter the Landscape of Private Securities Litigation

UB Greensfelder LLP on

The U.S. Supreme Court recently granted certiorari to review a Second Circuit Court of Appeals decision that could alter the landscape of class action litigation under Rule 10b-5. The issue in Goldman Sachs Group, Inc. v....more

Pillsbury Winthrop Shaw Pittman LLP

The SPAC Explosion: Beware the Litigation and Enforcement Risk

SPACs have seen exponential growth in 2020, but SPAC sponsors, investors and targets should beware the scrutiny de-SPAC transactions are receiving from the plaintiffs’ bar and the SEC. 2020’s SPAC IPO explosion will...more

A&O Shearman

Southern District Of New York Grants In Part And Denies In Part Motion To Dismiss A Putative Securities Fraud Class Action Against...

A&O Shearman on

On August 14, 2020, United States District Judge Katherine Polk Failla of the United States District Court for the Southern District of New York granted in part and denied in part a motion to dismiss a putative securities...more

Jones Day

New York Commercial Division Imposes PSLRA Discovery Stay in Securities Act Class Action

Jones Day on

A recent decision by the New York Commercial Division held that the Private Securities Litigation Reform Act's automatic stay of discovery pending a motion to dismiss applies to Securities Act claims pursued in state court,...more

Sheppard Mullin Richter & Hampton LLP

Commercial Division Justices Provide Dueling Approaches to Discovery Stays in State Court Securities Litigation

In In re Everquote, Inc. Securities Litigation, 2019 N.Y. Slip Op. 29242, No. 651177/2019, 2019 WL 3686065 (Sup. Ct. N.Y. Cnty. Aug. 7, 2019), Justice Andrew Borrok of the New York County Commercial Division stayed discovery...more

Fenwick & West LLP

Life Sciences and Tech Companies Should Take Note of These New SEC Amendments

Fenwick & West LLP on

The U.S. Securities and Exchange Commission this month adopted amendments to certain disclosure requirements in an effort to streamline rules and regulations, and to remove requirements that are “redundant, duplicative,...more

Perkins Coie

Ninth Circuit Establishes Negligence Standard for Section 14(e) Claims in Circuit-Splitting Decision

Perkins Coie on

Rejecting the analysis of every other federal appellate court to consider the issue, the U.S. Court of Appeals for the Ninth Circuit recently held that most claims filed under Section 14(e) of the Securities Exchange Act of...more

A&O Shearman

Southern District Of New York Dismissed Exchange Act Claims Against Healthcare Company Regarding Surgical Gowns

A&O Shearman on

On March 30, 2018, the United States District Court for the Southern District of New York dismissed a class action against Halyard Health, Inc. (“Halyard”) and its executives, along with Kimberly-Clark Corporation...more

Allen Matkins

Court Punishes Company For Statement Of Belief

Allen Matkins on

Thomas Carlyle famously called economics, the "dismal science". Sometimes, the law can be equally disheartening. Imagine trying to explain to a client that a statement that the company is "on track" to meet its projections...more

Mintz - Securities Litigation Viewpoints

Is the Defense Bar Losing the “Securities Class Action War?”

Douglas Greene, one of the United States’ most well-known securities litigators – on either side of the bar – recently wrote a four-part treatise, titled Who is Winning the Securities Class Action War – Plaintiffs or...more

Cooley LLP

Blog: Can SCOTUS Make Sense Out Of “Gibberish”? SCOTUS Hears Oral Argument In Case Addressing State Court Jurisdiction Over ’33...

Cooley LLP on

Yesterday, SCOTUS heard oral argument in Cyan Inc. v. Beaver County Employees Retirement Fund, which addressed whether state courts have jurisdiction over cases brought solely under the Securities Act of 1933.  Here is the...more

Carlton Fields

Cornerstone Report Describes Securities Class Action Litigation Shift Toward West Coast and Smaller Public Companies

Carlton Fields on

Recently, Cornerstone Research, an economic and financial consultancy, released its mid-year report on federal securities class action filings. Cornerstone reported that 85 of these lawsuits were filed in the first half of...more

Morgan Lewis

A Win for Nonsettling Defendants Facing Securities Act Claims

Morgan Lewis on

Nonsettling defendants that faced Securities Act claims were protected from disproportionate liability following a partial settlement. On February 3, Judge William H. Orrick of the U.S. District Court for the Northern...more

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