Securities Exchange Act, Class Action

In The SDNY, Hindsight Is No Substitute For Red Flags When Alleging Scienter

by George E. Greer, Christine Louie, Danielle Van Wert | Orrick - Securities Litigation and Regulatory... on 4/16/2013

On April 8, 2013, Judge Shira A. Scheindlin of the Southern District of New York granted auditor Deloitte Touche Tohmatsu CPA’s (“DTTC”) motion to dismiss a shareholder class action, finding that plaintiffs failed to...more

Ninth Circuit Holds Private Company Rules Preempt California Law

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 4/10/2013

California Labor Code Section 450(a) forbids employers from coercing the patronage of their employees: It provides...more

Supreme Court's Decision Reshapes Class Certification for Future Securities Class Actions

by Michael D. Redondo | Holland & Knight LLP on 3/19/2013

On February 27, 2013, the U.S. Supreme Court addressed a long-standing circuit split on the issue of whether, when bringing a securities fraud class action under Section 10(b) of the Securities Exchange Act of 1934, a...more

Applicability of Amgen Decision Should be Very Narrow

by Thomas Gilbertsen | Venable LLP on 3/8/2013

When the Supreme Court issued its decision in Wal-Mart Stores, Inc. v. Dukes in 2011, defense lawyers hailed the case as a game-changer that would level the class action playing field in an arena that traditionally favored...more

Supreme Court Rules In Favor Of Plaintiffs In Amgen Securities Class Action

by Gay Parks Rainville, Michele Zarychta | Pepper Hamilton LLP on 3/7/2013

Continuing its recent trend of handing down plaintiff-friendly decisions in private securities class actions brought under Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and SEC Rule 10b-5 (Rule...more

Supreme Court Holds Securities Fraud Class Certification Does Not Require Showing Of Materiality, With Strong Dissents Questioning...

by Joseph Bringman, Todd Kerr | Perkins Coie on 3/7/2013

In its long-awaited decision in Amgen Inc. v. Connecticut Retirement Plans & Trust Funds, No. 11-1085 (U.S. Feb. 27, 2013), the U.S. Supreme Court held that plaintiffs in a securities-fraud class action do not need to...more

Litigation Alert: Amgen: A Pyrrhic Victory For Plaintiffs in Securities Class Actions?

by Marie C. Bafus, Kevin P. Muck | Fenwick & West LLP on 3/7/2013

In a 6-3 decision issued last week, the Supreme Court ruled in Amgen Inc. v. Connecticut Ret. Plans & Trust Funds, 568 U.S. ___, 2013 WL 691001 (Feb. 27, 2013), that shareholders bringing class actions under Section 10(b) of...more

February 2013: Libor Litigation Update

by Quinn Emanuel Urquhart & Sullivan, LLP on 2/18/2013

UBS and Barclays Acknowledge Making False Libor Submissions. Investigations into misconduct at UBS and Barclays have revealed pervasive corruption of the London Interbank Offered Rate (“Libor”), which provides a benchmark for...more

Life Sciences Company Obtains Dismissal of Shareholder Class Action

by William M. Regan | Katten Muchin Rosenman LLP on 1/23/2013

The US District Court for the Middle District of Tennessee recently granted BioMimetic Therapeutics Inc.’s motion to dismiss the class action against it, and denied plaintiffs leave to amend their complaint. Shareholders...more

Second Circuit Affirms Dismissal of Class Action Against S&P Over MBS Ratings

by Orrick - Structured Finance Group on 1/10/2013

On December 20, 2012, the Second Circuit affirmed a decision by Judge Sidney H. Stein of the Southern District of New York dismissing a putative class action suit alleging that Standard & Poor’s Ratings Services intentionally...more

Company's Forward-Looking Statements Protected by the PSLRA's Safe Harbor

by Allison Kernisky | Holland & Knight LLP on 1/9/2013

On January 2, 2013, the U.S. District Court for the Southern District of New York dismissed a securities class action complaint filed against an online provider of medical information and three of its directors and officers,...more

Federal Court Holds That SLUSA Allows Removal of 1933 Class Action to Federal Court

by Michael D. Redondo | Holland & Knight LLP on 10/22/2012

On August 23, 2012, the District Court for the Northern District of California issued an opinion that analyzed whether class action lawsuits brought under the Securities Act of 1933 (the "1933 Act") were removable to federal...more

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Securities Exchange Act › Class Action