Securities Exchange Act, Class Action, Rule 10(b)

California District Court Grants Motion To Dismiss Investor Class Action Against Rideshare Company

A&O Shearman on 5/23/2024

On May 14, 2024, Judge Rita F. Lin of the United States District Court for the Northern District of California granted a motion to dismiss a putative securities class action against a ridesharing company (the “Company”) and...more

Dismissal of Putative Securities Class Action for Plug Power Inc.

Goodwin on 10/20/2022

On September 29, 2022, U.S. District Judge Edgardo Ramos of the Southern District of New York dismissed a putative securities class action against Plug Power Inc. and certain of its officers. Plaintiff brought suit...more

First Circuit Affirms Denial Of Motion To Dismiss Securities Fraud Class Action, Finding Plaintiffs Failed To Allege Any...

A&O Shearman on 8/24/2022

On August 18, 2022, a unanimous panel of the United States Court of Appeals for the First Circuit affirmed a decision by the United States District Court for the District of Rhode Island granting a motion to dismiss a...more

Marriott Investor’s Security Fraud Claims Arising from Data Breach Rejected by Fourth Circuit

Smith Anderson on 5/19/2022

The Fourth Circuit dismissed an investor’s lawsuit against a hotel chain that had been subject to a data breach, ruling that the company had not made false or misleading public statements about its protection of customer...more

SEC Obtains Consent Judgments Against Biotechnology Company and CEO for False COVID-19 Product Claims

Goodwin on 5/4/2022

On April 19, 2022, Judge James R. Knepp II of the U.S. District Court for the Northern District of Ohio approved consent judgments against biotechnology firm Rising Biosciences, Inc. and its CEO Arthur Hall for violations of...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

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

Southern District Of California Denies Summary Judgment For Defendants, Ruling That There Are Triable Issues Of Fact Related To...

A&O Shearman on 12/3/2019

On November 6, 2016, Judge Michael A. Anello of the United States District Court for the Southern District of California denied defendants’ motion for summary judgment in a securities class action against a theme park and...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

Fifth Circuit Affirms Enron Broker Not Liable to Employee Stock Option Holders for False or Withheld Information

Sheppard Mullin Richter & Hampton LLP on 8/21/2019

Ending a more than 15-year-long legal battle, the Fifth Circuit on May 24, 2019, unanimously affirmed the dismissal of a proposed class action against subsidiaries of UBS AG, alleging violations of U.S. securities laws for...more

2018 Life Sciences Securities Litigation Roundup

Wilson Sonsini Goodrich & Rosati on 3/25/2019

2018 Filings - Companies in the life sciences industry, including biotechnology, medical devices, and pharmaceuticals, have long been favorite targets of securities class actions, and 2018 was no exception. According to a...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

Application of the Morrison Case to Unsponsored ADRs

Mayer Brown Free Writings + Perspectives on 8/16/2018

The Ninth Circuit recently decided a case, Automotive Industries Pension Trust Fund v. Toshiba Corp., in which the Circuit court considered the application of the Supreme Court’s territoriality standard in the Morrison v....more

Volkswagen Bondholders Reliance Allegations Come Under Scrutiny

Mintz - Securities Litigation Viewpoints on 5/25/2018

This case stems from alleged misstatement made by Volkswagen Group of America Finance (“VWGoAF”) in an Offering Memorandum governing the issuance of three sets of bonds. The bonds were offered in private placements with...more

Ninth Circuit Splits From Other Circuits, Holding That a Negligence Standard Applies to a Claim Challenging Tender Offer...

Sheppard Mullin Richter & Hampton LLP on 4/27/2018

In Varjabedian v. Emulex Corp., No. 16-55088, 2018 U.S. App. LEXIS 10000 (9th Cir. Apr. 20, 2018), the United States Court of Appeals for the Ninth Circuit split from the Second, Third, Fifth, Sixth and Eleventh Circuits to...more

Southern District Of New York Dismisses Exchange Act Claims Alleging Failure To Properly Disclose Potential FCPA Violations

A&O Shearman on 4/10/2018

On March 30, 2018, the United States District Court for the Southern District of New York dismissed with prejudice a class action complaint against Embraer S.A. (“Embraer” or the “Company”) and several of its officers,...more

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

A&O Shearman on 4/10/2018

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

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

District Of New Jersey Finds Defendants Failed To Rebut Fraud-On-The-Market Presumption And Certifies Class Action Against...

A&O Shearman on 3/13/2018

On February 28, 2018, Judge Peter Sheridan of the United States District Court for the District of New Jersey granted class certification in an action against Aeterna Zentaris, Inc. and certain of its executives. Li V....more

District Of Minnesota Certifies Securities Fraud Class Action But Narrows The End Of Putative Class Period To The Date Of The...

A&O Shearman on 2/13/2018

On January 30, 2018, Judge John R. Tunheim of the United States District Court for the District of Minnesota granted class certification in a consolidated securities fraud class action against Medtronic and certain of its...more

Second Circuit Reiterates: Defendants Must Satisfy Burden Of Persuasion Through A Preponderance Of The Evidence To Rebut Basic...

Carlton Fields on 1/31/2018

The Second Circuit, in keeping with its recent decision in Waggoner v. Barclays, reaffirmed that defendants must satisfy the burden of persuasion by a preponderance of the evidence to rebut the presumption established by the...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

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

Fourth Circuit Sustains Securities Fraud Claim Against Drug Manufacturer

Katten Muchin Rosenman LLP on 4/2/2015

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

Securities Exchange Act › Class Action › Rule 10(b)

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