News & Analysis as of

Securities Fraud

Northern District Of Texas Dismisses Putative Securities Fraud Class Action Against Pier 1 Imports For Failure To Adequately Plead...

by Shearman & Sterling LLP on

On August 10, 2017, Judge Sidney A. Fitzwater of the United States District Court for the Northern District of Texas dismissed a putative securities class action brought against Pier 1 Imports, Inc. (“Pier 1”) and its former...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

by Dorsey & Whitney LLP on

This is the second segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn them; the first segment is...more

Third Circuit Follows ANZ Securities Decision and Reverses for Dismissal of Exchange Act Claims as Untimely

by Carlton Fields on

On June 28, 2017, Bruce Berman and Steve Blickensderfer posted in this space about the Supreme Court’s recent decision in California Public Employees Retirement System v. ANZ Securities, Inc., 137 S. Ct. 2042 (2017). In that...more

Dentist, Claiming Tip Was a Rumor, Wins Insider Trading Case

by Dorsey & Whitney LLP on

A jury found Jessie Roberts, a Louisiana dentist who claimed what the government called an illegal tip was just a rumor, not guilty of insider trading. U.S. v. Roberts, No. 15-ct-00020 (M.D. La. Filed Feb19, 2015). The case...more

Government Dismisses All Charges In Benjamin Wey Securities Fraud Case After U.S. District Judge Suppresses All Evidence Obtained...

by Shearman & Sterling LLP on

On August 8, 2017, the Government moved to dismiss all charges against Benjamin Wey, the CEO of New York Global Group charged with securities fraud, wire fraud, conspiracy, and money laundering. United States District Court...more

Bridging the Week - August 2017 #2

Trader’s Spoofing Conviction and Sentence Upheld by Federal Appeals Court: Last week, a three-judge Federal Court of Appeals panel in Chicago unanimously upheld Michael Coscia’s criminal conviction and sentencing for...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Four criminal securities cases moved to or toward resolution over the past week. The jury in the Martin Shkreli trial returned a verdict of guilty on three counts and not guilty on five others at the end of last week....more

Trading in Opaque Markets: Fraud, Materiality and Compliance

by Dorsey & Whitney LLP on

This is the first segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn the prosecutions Introduction -...more

The “Pharma Bro” Trial—Who Really Won?

After a five-week trial, a jury of five men and seven women convicted notorious pharmaceutical executive Martin Shkreli of securities fraud on August 4, 2017. Shkreli had been charged with two counts of securities fraud,...more

Martin Shkreli Convicted on Three of Eight Counts of Securities Fraud

On Friday, August 4, 2017, a federal court jury in Brooklyn, New York, found Martin Shkreli, former CEO of biopharmaceutical company Retrophin, guilty on three of eight counts of securities fraud. The verdict followed five...more

Ninth Circuit Affirms Dismissal Of Dodd-Frank Whistleblower Case, Using Securities Fraud Standard

The Ninth Circuit recently affirmed a grant of summary judgment in an employer’s favor, dismissing a SOX and Dodd-Frank whistleblower retaliation case based on the plaintiff’s lack of an objectively reasonable belief of...more

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

by Shearman & Sterling LLP on

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

Second Circuit Clarifies Ascertainability Rule, Rejecting “Heightened” Standard of Administrative Feasibility

by Carlton Fields on

The Second Circuit recently rejected the “heightened” ascertainability requirement under Rule 23(b)(3), turning aside a challenge to a district court’s certification of a securities fraud class action. Instead, the court...more

Former Hedge Fund Manager Gets Split Jury Verdict

by Dorsey & Whitney LLP on

Former hedge fund manager and pharmaceutical executive Martin Shkreli was acquitted on five counts and convicted on three others under an indictment centered on conspiracy and securities fraud charges tied to three firms....more

Securities Class Action Filings at an All-Time High

Federal securities fraud class action filings have been on a meteoric rise over the past 18 months. According to a recent report released by Cornerstone Research, plaintiffs filed 226 new federal securities fraud class action...more

How to Avoid the Sharks of Financial Fraud

by Bennett Jones LLP on

Twenty-three-time Olympic gold medalist Michael Phelps just raced a great white shark to celebrate Shark Week 2017. He lost. And he didn't race against a live shark, but a computer-generated image of one. Phelps swam alone...more

Self-Incrimination and Settlement Agreements

by Bennett Jones LLP on

Misconduct in the securities industry can give rise to both criminal and regulatory liability. One problem that arises from this overlap is the potential for state-compelled self-incrimination. In the criminal context, an...more

DOJ’s Prosecution Of Health Care Exec Illustrates Unique Intersection Of Securities & Employment Tax Fraud Schemes

by Fox Rothschild LLP on

In a recent criminal prosecution of a medical doctor/entrepreneur for defrauding his company’s shareholders, the government employed a novel theory of securities fraud premised, in part, upon the defendant’s failure to pay...more

Eastern District Of Wisconsin Dismisses Securities Fraud Allegations Based On Accounting Errors For Failure To Sufficiently Plead...

by Shearman & Sterling LLP on

On July 20, 2017, Judge J.P. Stadtmueller of the United States District Court for the Eastern District of Wisconsin dismissed claims brought by shareholders of Kohl’s Corporation (“Kohl’s”) against the company and two of its...more

Southern District Of New York Dismisses Securities Fraud Claims For Failure To Plead Reliance And Scienter

by Shearman & Sterling LLP on

On July 10, 2017, Judge John G. Koeltl of the United States District Court for the Southern District of New York dismissed a putative securities fraud class action against E*TRADE Securities LLC (“E*TRADE”), E*TRADE Financial...more

USAO Moves To Dismiss Charges Related To London Whale

by Dorsey & Whitney LLP on

The saga of the London Whale appears to be drawing to a close. The Manhattan U.S. Attorney’s Office moved to dismiss charges against two former JP Morgan derivatives traders who were colleagues of Bruno Iksil, the London...more

The Fourth Amendment Implications of Sharing Server Space

The prosecution of Martin Shkreli, whom the BBC has called “the most hated man in America,” reveals some important lessons about the Fourth Amendment protections against search and seizure in the digital corporate context:...more

Split Commission Can't Reverse Insider-Trading Dismissal

by Burr & Forman on

Trader Joseph Ruggieri finally prevailed last week, when SEC Commissioners Stein and Piwowar split on whether Enforcement proved his four trades (in 2010-2011) were made on inside information....more

Chairman Clayton Sets New SEC Agenda

On Wednesday July 12, 2017, in his first public speech as Chairman of the SEC, SEC Chairman Jay Clayton laid out a set of eight priorities that will guide his SEC Chairmanship. He said his priorities are consistent with and...more

Chris Lazarini Comments on Waiver of the Right to Seek Arbitration

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on a case in which the defendant filed fraud and RICO actions in federal court against several persons and entities alleging they defrauded her out of millions of dollars....more

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Cybersecurity

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