Securities Fraud

Q&A With Carlton Fields' Brian Rosner

by Brian Rosner | Carlton Fields on 5/14/2013

Brian Rosner is a shareholder in Carlton Fields' New York office. Q: What is the most challenging case you have worked on and what made it challenging? Originally Published in Law360, New York - April 29, 2013....more

SEC Charges City of Harrisburg with Fraud

by Michael Wiener | Holland & Knight LLP on 5/14/2013

On Monday, May 6, 2013, the Securities and Exchange Commission (SEC) charged the city of Harrisburg, Pennsylvania with securities fraud "for its misleading public statements when its financial condition was deteriorating and...more

Harrisburg Charged With Securities Fraud - Securities and Exchange Commission Says City Made Misleading Financial Statements

by Kimberly Byrens | Best Best & Krieger LLP on 5/10/2013

The inclusion of the public statements of an elected official in allegations of securities fraud could change the traditional relationship between the politicians and their constituency versus issuers and the bond market....more

SEC Charges Municipal Bond Issuer with Securities Fraud for Misleading Statements on Issuer’s Website

by Michael Barnes, George Magnatta | Saul Ewing LLP on 5/9/2013

For the first time, the Securities and Exchange Commission has charged a municipality with securities fraud for misleading statements made outside of the municipality's securities disclosure documents....more

Delaware Court Dismisses Securities Fraud Action Against Power Plant Executives

by Michael S. Gordon, Dean Razavi | Katten Muchin Rosenman LLP on 5/8/2013

The US District Court for the District of Delaware dismissed a class action for securities fraud against former officers and directors of a geothermal energy company, in which the plaintiffs alleged that the defendants had...more

Gaming Company’s Regulatory Delays Insufficient to Give Rise to a Securities Fraud Claim

by Michael S. Gordon, Dean Razavi | Katten Muchin Rosenman LLP on 5/8/2013

The US District Court for the Northern District of Illinois dismissed securities fraud claims against WMS Industries (WMS), a gaming and slot machine manufacturer, and certain of its executives, holding that a would-be class...more

Corporate and Financial Weekly Digest - May 3, 2013

by Katten Muchin Rosenman LLP on 5/6/2013

In this issue: - SEC Issues Proposal Regarding Cross-Border Security-Based Swap Activities - CFTC Staff Issues No-Action Letters - Delaware Court Dismisses Securities Fraud Action Against Power Plant...more

Using the Privilege: Fifth Amendment Fundamentals for Corporations

by Jonathan Cavalier, Hayes Hunt | Cozen O'Connor on 4/24/2013

Most in-house lawyers, if they're fortunate, haven't bumped up against the Fifth Amendment and its related issues since the bar exam. After all, the so-called "nickel" typically arises solely in the criminal context, and...more

Judging The SEC’s Division Of Enforcement With 20/20 Foresight

by Lawrence Bader | Morvillo Abramowitz Grand Iason & Anello P.C.... on 4/23/2013

I almost feel sorry for Mary Jo White, the Chairman of the SEC, and Andrew Ceresney and George Canellos, soon to be Co-Directors of the SEC’s Division of Enforcement. Four days after Ms. White was sworn in, Gretchen Morgenson...more

Federal Judge Dismisses FDIC’s Securities Fraud Claims Against Countrywide

by Orrick - Structured Finance Group on 4/18/2013

On April 8, U.S. District Judge Mariana R. Pfaelzer of the Central District of California dismissed the FDIC’s suit against Countrywide. FDIC, as the receiver for Colonial Bank, filed suit against Countrywide and Bank of...more

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

Southern District Rejects Evidence from "Confidential Witnesses" as Basis for Securities Class Action

by Michael Rosensaft, Allison Wuertz | Katten Muchin Rosenman LLP on 4/10/2013

A securities class action lawsuit against Canadian Solar, Inc. (CSI) was recently dismissed in the US District Court for the Southern District of New York for failing to adequately plead the required elements of a federal...more

California Bill Would Expand Liability For Securities Fraud, Impose New Fees, Expand Commissioner’s Powers

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 4/5/2013

In late February, Senator Jerry Hill introduced a bill, SB 538, to substantially amend the Franchise Investment Law. A few days later, the bill was read for the first time and set for hearing by the Senate Banking and...more

Say Hello To My Imaginary Friend! Judge Posner, Seventh Circuit Issue Stern Warning To Plaintiffs’ Firms For Again Citing Bogus...

by William Alderman, Christin Hill, Matthew Tolve | Orrick - Securities Litigation and Regulatory... on 4/2/2013

Plaintiffs’ counsel beware: to avoid Rule 11 sanctions you might actually have to talk to “confidential witnesses” yourself and corroborate their statements before citing them in a securities fraud complaint....more

Second Take on Amgen: Defense Arguments Largely Intact, Even in Overruled Circuits

by Claire Davis | Lane Powell PC - Securities / D&O Discourse on 3/29/2013

In our post in the immediate wake of the Supreme Court’s decision in Amgen Inc. v. Connecticut Retirement Plans, we concluded that rather than being a new threat to the defense of securities class actions, Amgen basically...more

Sunshine May Be Free But It May Take A Security To Harvest It

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 3/29/2013

Harvesting the sunlight as a source of “clean” energy is the dream of many. Although the energy provided by the sun is free, converting that energy into electricity continues to require significant financial resources. One...more

Dechert Survey of Securities Fraud Class Actions Brought Against U.S. Life Sciences Companies

by David Kotler | Dechert LLP on 3/20/2013

Publicly Traded Life Sciences Companies in the United States Remain an Increasingly Popular Target of Securities Fraud Class Action Lawsuits: The past year was particularly noteworthy with respect to the absolute and...more

Gabelli v. SEC: The Supreme Court Limits the Statute of Limitations for SEC Actions

by Andrea Cortland, Angelo Savino | Cozen O'Connor on 3/20/2013

In a recent unanimous decision, the U.S. Supreme Court held that the Securities Exchange Commission (SEC) has five years from the date when an alleged fraud begins – not from the date when the SEC uncovers the fraud – to...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

Supreme Court Denies SEC Extra Time to Bring Enforcement Actions for Civil Penalties

by Tenley Mochizuki, Bruce Sabados | Katten Muchin Rosenman LLP on 3/13/2013

The US Supreme Court recently held that the Securities and Exchange Commission has five years from the date an alleged fraud occurs, not from the date of its discovery, to bring an enforcement action for civil penalties....more

Third Circuit: Securities Fraud Liability May Be Imputed To Employer Whose Employee Ran Ponzi Scheme On The Side

by M. Duncan Grant, William Liess | Pepper Hamilton LLP on 3/12/2013

On February 22, 2013, in the precedential opinion in Belmont v. MB Inv. Partners, Inc., a unanimous panel of the U.S. Court of Appeals for the Third Circuit (Judges Anthony J. Scirica, D. Michael Fisher and Kent A. Jordan)...more

Supreme Court Eases Burden for Securities Class Action Plaintiffs

by Kyle Sawicki, Ashley Bruce Trehan | Fowler White Boggs P.A. on 3/12/2013

The U.S. Supreme Court recently rejected the need for plaintiffs to prove materiality at the class certification stage in federal securities fraud class actions, thus allowing shareholders of Amgen to proceed as a class in a...more

The Material Impact of the Amgen Decision on D&O Insurance

by Matthew Klebanoff, Angelo Savino | Cozen O'Connor on 3/8/2013

In Amgen, Inc. v. Connecticut Retirement Plans and Trust Funds, No. 11-1085 (Slip Op. Feb. 27, 2013), the U.S. Supreme Court, in a 6-3 majority opinion (Ginsburg, J.), affirmed the U.S. Court of Appeals for the 9th Circuit’s...more

Third Circuit Reinforces Limits to Directors' Exposure for Misconduct by Corporate Employees

by John Stigi | Sheppard Mullin Richter & Hampton LLP on 3/8/2013

In Belmont v. MB Investment Partners, Inc., No. 12-1580, 2013 WL 646344 (3d Cir. Feb. 22, 2013), the United States Court of Appeals for the Third Circuit held that a mere failure by corporate directors to oversee enforcement...more

United States Supreme Court Holds that Class Action Securities Fraud Plaintiffs Need Not Prove the Materiality of the Alleged...

by Steven Kramer, John M. Landry, John Stigi | Sheppard Mullin Richter & Hampton LLP on 3/8/2013

In Amgen Inc. v. Connecticut Retirement Plans & Trust Funds, No. 11-1085, ___ WL ______ (U.S. Feb. 27, 2013), the United States Supreme Court affirmed the decision of the United States Court of Appeals for the Ninth Circuit...more

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