Securities Exchange Act, Class Action, PSLRA

Ninth Circuit Affirms Dismissal of Securities Fraud Claims, Rejects Allegations as Nothing More Than ‘Interesting Reading’

Cooley LLP on 5/31/2024

A recent decision of the US Court of Appeals for the Ninth Circuit highlights the “heightened and demanding standard” required to plead securities fraud under the Private Securities Litigation Reform Act (PSLRA). In affirming...more

Ninth Circuit Rejects Heightened State-of-Mind Pleading Requirement for Section 14(e) Claims

Akin Gump Strauss Hauer & Feld LLP on 2/2/2023

Key Points - The 9th Circuit, disagreeing again with the 2nd, 3rd, 5th, 6th, and 11th Circuits, reaffirmed that claims under Section 14(e) of the Exchange Act do not require a showing of scienter. In the 9th...more

Oklahoma Firefighters Pension & Retirement Systems v. Six Flags:Fifth Circuit Opinion Reviving Securities Class Action Creates...

Cooley LLP on 2/1/2023

Introduction - On January 18, 2023, the Fifth Circuit unanimously reversed the Northern District of Texas’s dismissal of a securities class action contending that Six Flags and two of its executives misled investors by...more

Northern District Of California Largely Denies Motion To Dismiss Securities Fraud Class Action Against Biopharmaceutical Company

A&O Shearman on 8/1/2022

On July 15, 2022, Judge Edward M. Chen of the United States District Court for the Northern District of California largely denied a motion to dismiss a securities fraud class action against a biopharmaceutical company (the...more

Failure to Cruise Past the Pleading Requirements in the Norwegian Cruise Lines Securities Class Action

Proskauer - Corporate Defense and Disputes on 5/4/2021

On April 10, 2021, the United States District Court for the Southern District of Florida dismissed a securities class action complaint against Norwegian Cruise Lines (“NCL”) relating to the company’s disclosures made as the...more

Southern District Of New York Dismisses Securities Fraud Complaint Against An Insurance Company, Finding That Confidential Witness...

A&O Shearman on 3/11/2020

On March 2, 2020, Judge Paul A. Engelmayer of the United States District Court for the Southern District of New York dismissed a putative securities fraud class action asserting violations of Sections 10(b) and 20(a) of the...more

Securities Class Action Filings Continue Record Pace

Skadden, Arps, Slate, Meagher & Flom LLP on 1/22/2020

Several securities litigation trends over recent years show no signs of abating in 2020. Federal securities class action filings seem likely to remain at elevated levels. Last year, for the third consecutive year, more than...more

Northern District Of Illinois Dismisses Putative Class Action Against In-Flight Internet Provider For Failure To Adequately Allege...

A&O Shearman on 10/29/2019

On October 16, 2019, Judge Jorge L. Alonso of the United States District Court for the Northern District of Illinois Eastern Division dismissed a putative securities class action against an in-flight internet connectivity...more

Southern District Of New York Dismisses Putative Securities Class Action Against Pharmaceutical Company For Failure To Adequately...

A&O Shearman on 10/8/2019

On September 30, 2019, Judge J. Paul Oetken of the United States District Court for the Southern District of New York dismissed a putative securities class action brought against a pharmaceutical company and certain of its...more

Northern District Of California Dismisses Putative Securities Class Action For The Second Time Against Generic Drug Maker For...

A&O Shearman on 8/20/2019

On August 12, 2019, Judge Haywood S. Gilliam, Jr. of the United States District Court for the Northern District of California dismissed without leave to amend a putative securities class action against a pharmaceutical...more

Inside the Courts – An Update From Skadden Securities Litigators - March 2019

Skadden, Arps, Slate, Meagher & Flom LLP on 3/14/2019

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between December 2018 and February 2019....more

Skadden's 2019 Insights: Expanding Theories of Liability in the #MeToo Era

Skadden, Arps, Slate, Meagher & Flom LLP on 1/22/2019

Alleged workplace harassment is not a new phenomenon, but in the wake of allegations of sexual misconduct in the corporate context, plaintiffs increasingly are targeting an expanded group of defendants, including public...more

Inside the Courts – An Update From Skadden Securities Litigators - December 2018

Skadden, Arps, Slate, Meagher & Flom LLP on 12/7/2018

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between September 2018 and October 2018. ...more

Northern District Of California Grants In Part And Denies In Part Motion To Dismiss Class Action Against Online Platform Devoted...

A&O Shearman on 12/5/2018

On November 27, 2018, Judge Edward M. Chen of the United States District Court for the Northern District of California granted in part and denied in part a motion to dismiss a putative securities class action against Yelp,...more

Federal District Court Explains PSLRA Requirements For Lead Plaintiff and Counsel

Morris James LLP on 11/7/2018

Wigginton v. Advance Auto Parts Inc., CA 18-212 MN (D. Del. November 2, 2018) - This is an excellent review of how the District Court will analyze the requirements of the PSLRA in selecting the lead plaintiff and lead...more

Northern District Of California Certifies Class In Securities Stock Drop Suit, Finding That "In-and-Out" Traders Should Not Be...

A&O Shearman on 7/31/2018

On July 17, 2018, Judge Jon S. Tigar of the United States District Court for the Northern District of California granted plaintiffs’ motion to certify a class in a securities class action against Twitter, Inc. (the “Company”)...more

Northern District Of California Certifies Class In Securities Stock Drop Suit, Finding That "In-and-Out" Traders Should Not Be...

A&O Shearman on 7/30/2018

On July 17, 2018, Judge Jon S. Tigar of the United States District Court for the Northern District of California granted plaintiffs’ motion to certify a class in a securities class action against Twitter, Inc. (the “Company”)...more

District Of Massachusetts Dismisses Putative Securities Class Action For Failure Adequately To Allege A Material Misstatement Or...

A&O Shearman on 6/26/2018

On June 18, 2018, Judge William G. Young of the United States District Court for the District of Massachusetts dismissed with prejudice a putative securities class action against Acacia Communications, Inc. (the “Company”),...more

Southern District Of New York Dismisses With Prejudice Putative Securities Fraud Class Action Against Pharmacy Benefits Manager...

A&O Shearman on 5/30/2018

On May 22, 2018, Judge Edgardo Ramos of the United States District Court for the Southern District of New York dismissed with prejudice a putative securities fraud class action against pharmacy benefits manager Express...more

District Of Massachusetts Dismisses Securities Fraud Allegations For Failure To Adequately Allege Scienter

A&O Shearman on 4/3/2018

On March 27, 2018, Judge F. Dennis Saylor IV of the United States District Court for the District of Massachusetts dismissed a putative class action alleging claims under Sections 10(b) and 20(a) of the Securities Exchange...more

Inside the Courts – An Update From Skadden Securities Litigators - March 2018/ Volume 10 / Issue 1

Skadden, Arps, Slate, Meagher & Flom LLP on 3/27/2018

This quarter's issue includes summaries and associated court opinions of selected cases principally decided between November 2017 and January 2018. The cases address developing trends in appraisal, class certification, core...more

Inside the Courts – An Update From Skadden Securities Litigators - November 2017/ Volume 9 / Issue 4

Skadden, Arps, Slate, Meagher & Flom LLP on 11/30/2017

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between August 2017 and October 2017....more

Fourth Circuit Court Of Appeals Affirms Dismissal Of Securities Fraud Class Action, Stating That Scienter Cannot Be Pled By...

A&O Shearman on 11/21/2017

On November 15, 2017, the United States Court of Appeals for the Fourth Circuit affirmed the dismissal of a putative securities fraud class action against PowerSecure International, Inc. (the “Company” or “PowerSecure”), and...more

Ninth Circuit Reverses District Court Dismissal Of Securities Fraud Class Action, Holding That Non-Forward Looking Statements...

A&O Shearman on 8/7/2017

On July 28, 2017, the United States Circuit Court of Appeals for the Ninth Circuit reversed a district court decision dismissing a putative class action lawsuit against Quality Systems, Inc., (“QSI” or the “Company”), a...more

First Circuit Affirms Tough Standard for Alleging Securities Fraud; Revives One Claim Against Local Drug Maker

Pierce Atwood LLP on 12/1/2016

On November 28, 2016, the First Circuit upheld the dismissal of all but one of the class action securities fraud claims against Cambridge, MA drug company, ARIAD Pharmaceuticals, Inc., reaffirming the exacting pleading...more

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