News & Analysis as of September 19, 2024

Securities Exchange Act › Materiality

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

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Middle District Of Florida Grants Motion To Dismiss Putative Securities Class Action Against Autonomous Vehicle Technology Company...

A&O Shearman on 6/11/2024

On May 31, 2024, Judge Julie S. Sneed of the United States District Court for the Middle District of Florida granted a motion to dismiss a putative securities class action against an autonomous vehicle technology company (the...more

Climates Change SEC’s Disclosure Rules: Still substantial, the SEC approves scaled back climate disclosure rules

Eversheds Sutherland (US) LLP on 3/13/2024

On March 21, 2022, the Securities and Exchange Commission (SEC) proposed expansive and controversial climate disclosure rules. Two years and 24,000 comment letters later, on March 6, 2024, the SEC voted 3-2 to adopt its...more

Fourth Circuit Affirms Dismissal Of Putative Class Action Against Biopharmaceutical Company For Failure To Allege Scienter And...

A&O Shearman on 8/2/2023

On July 24, 2023, the United States Court of Appeals for the Fourth Circuit affirmed the dismissal of claims under Sections 10(b), 14(a), and 20(a) of the Securities Exchange Act of 1934 against a biopharmaceutical company...more

Distortion to Static: Key First Circuit Opinion Clarifies Limits for Short Sellers

Holland & Knight LLP on 1/17/2023

The U.S. Court of Appeals for the First Circuit on Jan. 3, 2023, ruled against Defendant Gregory "Emmanuel" Lemelson's request for a new trial in SEC v. Lemelson. The opinion and the underlying matter are critical reads for...more

Inside the Courts – An Update From Skadden Securities Litigators - September 2022

Skadden, Arps, Slate, Meagher & Flom LLP on 9/12/2022

Derivative Litigation Eighth Circuit Affirms Dismissal of Derivative Securities Action - Carpenters’ Pension Fund of Ill. v. Neidorff, No. 20-3216 (8th Cir. 2022) - Following Centene Corporation’s merger with Health Net,...more

Southern District Of New York Dismisses With Prejudice Securities Act Claims For Failure To Allege Actionable Misstatement Or...

A&O Shearman on 5/4/2022

On April 25, 2022, U.S. District Judge Jesse M. Furman dismissed a putative securities class action alleging that a fintech company (the “Company”) misrepresented its internal control weaknesses and financial results in its...more

SEC Shadow Trading Case Breaks Ground – But There Remains a Trail to Blaze

Patterson Belknap Webb & Tyler LLP on 2/11/2022

A California Court recently allowed the Securities and Exchange Commission (the “SEC” or “Commission”) to proceed with its first insider trading prosecution based on a theory of “shadow trading.” On January 14, 2022, Judge...more

Not So Fast! Ninth Circuit Clarifies the Role of Materiality in Triggering SLUSA’s Class Action Bar

Troutman Pepper on 4/19/2021

In a noteworthy decision refining application of the Securities Litigation Uniform Standards Act (SLUSA), the Ninth Circuit recently held that SLUSA did not bar a state law class action for alleged breach of fiduciary duties...more

Supreme Court to Consider Securities Class Action Issue

Proskauer Rose LLP on 12/16/2020

On December 11, 2020, the United States Supreme Court granted certiorari in a shareholder securities litigation against Goldman Sachs. On appeal, Goldman argues that federal securities law permits issuer defendants in...more

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

Skadden, Arps, Slate, Meagher & Flom LLP on 11/27/2019

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between August and October 2019. The cases address developing trends in the definition of a security, fiduciary...more

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

Skadden, Arps, Slate, Meagher & Flom LLP on 10/2/2019

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

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

Skadden, Arps, Slate, Meagher & Flom LLP on 6/12/2019

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

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

Skadden, Arps, Slate, Meagher & Flom LLP on 7/3/2018

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

SEC Issues New Cybersecurity Guidance; Makes Clear that Cybersecurity Disclosures Are Part of Existing SEC Requirements - Guidance...

Holland & Knight LLP on 2/26/2018

On Feb. 21, 2018, the Securities and Exchange Commission (SEC) issued interpretive guidance on its expectations for corporate disclosures on cybersecurity risks. The guidance delineates where it believes existing SEC rules...more

Inside the Courts – An Update From Skadden Securities Litigators - September 2017/ Volume 9 / Issue 3

Skadden, Arps, Slate, Meagher & Flom LLP on 9/28/2017

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

Supreme Court to Consider Whether Non-Compliance with SEC Regulation Can Give Rise to Securities Fraud Liability

Dechert LLP on 5/3/2017

In Leidos, Inc. v. Indiana Public Retirement System, No. 16-581, the U.S. Supreme Court will resolve an important circuit split regarding securities fraud liability. Specifically, the Court will determine whether Item 303 of...more

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Securities Exchange Act › Materiality

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