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Bernstein Shur Business and Commercial Litigation Newsletter #53

We are pleased to present the 53rd edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight recent cases regarding compelled turnover of Facebook data, a revived securities class...more

Second Circuit Revives Securities Fraud Class Action Against the Manufacturer of the Keurig Coffeemaker

Late last week, the U.S. Court of Appeals for the Second Circuit reversed the dismissal of a shareholder class action against the makers of Keurig coffeemakers and their ubiquitous “K-Cups.” In so doing, the Second Circuit...more

The Fourth Circuit Expands the Implied Certification Theory to Anti-Retaliation Claims

On January 8, 2015, the Fourth Circuit determined that, amid a circuit split, the “implied certification” theory of liability under the False Claims Act (“FCA”) was viable in the Fourth Circuit. United States v. Triple...more

Rare SEC Administrative Loss in Adviser ADV Case

SEC Administrative Law Judge Grimes dismissed administrative charges against an investment adviser and its principals for allegedly failing to disclose material conflicts of interest in its Form ADV and willfully filing false...more

Inside the Courts - An Update From Skadden Securities Litigators - May 2015 / Volume 7 / Issue 2

In This Issue: - U.S. Supreme Court: ..Omnicare, Inc. v. Laborers Dist. Council Constr. Indus. Pension Fund, 135 S. Ct. 1318 (4th Cir. Mar. 16, 2015) - Auditor Liability: ..In re Advanced Battery Techs.,...more

U.S. Supreme Court Rejects Good-Faith Invalidity Defense to Induced Patent Infringement

On May 26, 2015, the U.S. Supreme Court issued its decision in Commil USA LLC v. Cisco Systems, Inc., 575 U. S. ____ ( 2015), rejecting the Federal Circuit Court of Appeals’ recognition of a defense to induced patent...more

Locke Lord QuickStudy: Belief As To A Patent’s Validity Is Not A Defense To Induced Infringement

Following last year’s decision in Limelight Networks, Inc. v. Akamai Technologies, Inc. et al., 572 U.S. ____ (2014) (holding that a finding of induced infringement requires that all infringing acts be performed by a single...more

Supreme Court’s Decision in Commil v. Cisco: Big Win for Pharmaceutical Industry

On May 26, 2015, the Supreme Court reversed the Federal Circuit’s decision in Commil USA, LLC v. Cisco Systems, Inc. and held that a defendant’s belief regarding patent validity is not a defense to an induced infringement...more

Supreme Court Decides Commil USA, LLC v. Cisco Systems, Inc.

On May 26, 2015, the United States Supreme Court decided Commil USA, LLC v. Cisco Systems, Inc., No. 13-896, holding that a defendant’s belief regarding patent validity is not a defense to a claim of induced patent...more

If at First You Don't Succeed: Fourth Circuit Revives Securities Fraud Claims

The Fourth Circuit recently revived securities fraud claims against a pharmaceutical company, holding that the allegations that the company acted with wrongful intent were sufficient to proceed even under the heightened...more

Fourth Circuit Sustains Securities Fraud Claim Against Drug Manufacturer

On March 6, the US Court of Appeals for the Fourth Circuit found that the United States District Court for the Western District of North Carolina had erred in dismissing a class action lawsuit filed under Section 10(b) of the...more

Supreme Court Considers Statements of Opinion as a Basis for Liability under Section 11 of the Securities Act

In Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, 575 U.S. ___, 2015 WL 1291916 (U.S. Mar. 24, 2015), the Supreme Court considered the question of whether and how statements of opinion may be...more

Oregon Court of Appeals Issues Decision Interpreting Antifraud Provisions of Oregon Securities Law

On February 11, the Oregon Court of Appeals issued an important decision interpreting the antifraud provisions of the Oregon Securities Law. The Court of Appeals held that ORS 59.137, which governs the private right of action...more

Tenth Circuit Affirms Dismissal of Securities Class Action for Failing to Plead Scienter Under the PSLRA

The US Court of Appeals for the Tenth Circuit recently affirmed the dismissal of a class action by investors in Gold Resource Corp. (GRC) alleging that the company and four of its officers violated Section 10(b) of the...more

Second Circuit Notes Split with Ninth Circuit Over Whether Failure to Make Adequate Disclosures Under Item 303 of Regulation S-K...

In Stratte-McClure v. Morgan Stanley, No. 13-0627-cv, 2015 WL 136213 (2d Cir. Jan. 12, 2015), the United States Court of Appeals for the Second Circuit affirmed the dismissal of securities fraud claims against Morgan Stanley...more

Corporate and Financial Weekly Digest - Volume X, Issue 3

In this issue: - SEC Chair Directs Staff to Review Commission Rule Excluding Conflicting Proxy Proposals - SEC Comments on FINRA's Proposed Rule Amendment to Increase Pricing Disclosure - CFTC Grants...more

Fourth Circuit's Triple Canopy False Claims Act Decision

The decision unexpectedly expands potential liability. On January 8, the U.S. Court of Appeals for the Fourth Circuit issued a panel decision that established a new and potentially significant False Claims Act (FCA)...more

Southern District Dismisses Complaints Against China North Director and Consultant

On December 10, a New York district court judge dismissed a securities fraud class action brought by investors in China North East Petroleum Holdings, Ltd. against former director Robert Bruce (and others) on the ground that...more

Documents Speak Louder Than Words in Securities Fraud Suit

The Eastern District of North Carolina recently granted summary judgment for the defendant in a securities fraud action, holding that the plaintiff had failed to prove either scienter or reliance where alleged verbal...more

Inside The Courts - November 2014 | Volume 6 | Issue 4

In This Issue: CLASS CERTIFICATION: Fort Worth Emps. Ret. Fund v. J.P. Morgan Chase & Co., No. 09-cv-3701 (JPO) (S.D.N.Y. Sept. 30, 2014) Discovery: ..Freedman v. Weatherford Int’l Ltd., No. 12...more

Sixth Circuit Clarifies Standard for Pleading "Collective Knowledge" Scienter in Securities Fraud Cases

A recently issued decision from the Sixth Circuit adopts a modified “collective knowledge” theory for determining corporate scienter and clarifies the standard for pleading corporate scienter in a securities fraud action. The...more

Sixth Circuit Adopts New Corporate Scienter Test in Securities Cases

The Sixth U.S. Circuit Court of Appeals recently issued a significant decision clarifying the pleading standards in securities litigation, clarifying what must be alleged to impute a corporation with knowledge of alleged...more

Balancing Act – Sixth Circuit Attempts Middle-of-the-Road Approach with New Corporate Scienter Standard

Balancing Act – Sixth Circuit Attempts Middle-of-the-Road Approach with New Corporate Scienter Standard In KBC Asset Mgmt. N.V. v. Omnicare, Inc. (In re Omnicare, Inc. Sec. Litig.), No. 13-5597, 2014 U.S. App. LEXIS...more

Sixth Circuit Narrows Collective-Knowledge For PSLRA Scienter

The US Sixth Circuit last week narrowed its standard for adequately pleading scienter in PSLRA cases using a collective-knowledge theory to impute knowledge to a corporate defendant from among various employees. In Omnicare,...more

District Court Considers Prior SEC Complaint Evidence to Establish Scienter Under PSLRA

The US District Court for the Southern District of New York recently denied a defendant’s motion to dismiss a securities fraud class action, accepting as sufficient factual allegations of scienter that were drawn from a...more

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