News & Analysis as of

Plaintiff’s Attorney’s Fees in Shareholder Suits Subject to Heightened Scrutiny (In re Theragenics Case)

It’s virtually inevitable: Within hours (or less) of a press release announcing a merger or acquisition involving a public company, a group of shareholders will file a class action lawsuit against the public company target’s...more

Inside The Courts - March 2014 | Volume 6 | Issue 1

In This Issue: - U.S. SUPREME COURT: ..Lawson v. FMR LLC, No. 12-3 (U.S. March 4, 2014) ..Chadbourne & Parke LLP v. Troice, No. 12-79 (U.S. Feb. 26, 2014) - CLASS CERTIFICATION: ..In re BP...more

Trends in Exclusive Forum Bylaws: They're Valid, Now What?

For Delaware corporations facing a rising tide of strike suits, the Delaware Court of Chancery’s June 25, 2013 Boilermakers decision upholding the validity of “exclusive forum” bylaws adopted by Chevron Corporation and FedEx...more

Class Action Trends – Interview with Stephen Gulotta, Managing Member, Mintz Levin's New York Office [Video]

Attorney Stephen Gulotta, Managing Member of Mintz Levin's New York office, discusses the recent trend in which stockholders are filing class action suits after public deals are announced. ...more

UPDATE: Zungui Class Action Settlements Against Remaining Defendants Approved By Court

On August 27, 2013, Justice Perell released his decision (2013 ONSC 5490) approving three settlements valued at $10.85 million, bringing the class action against Zungui Haixi Corp. (“Zungui”) and others to a close. Under the...more

Sixth Circuit Affirms Dismissal of Shareholder Class Action Due to Plaintiff’s Failure to Plead Recklessness

The US Court of Appeals for the Sixth Circuit recently affirmed an Ohio district court’s decision to dismiss a securities fraud putative class action accusing Defendant Zoo Entertainment, Inc. (Zoo), a video game software...more

Corporate and Financial Weekly Digest - September 13, 2013

In this issue - - Federal Agencies Seek Comment on Joint Proposed Rule Regarding Credit Risk Retention - SEC Grants Request for No-Action Relief with Respect to Multi-Day Pre-Fail and Post-Fail Credit Under Rule...more

Corruption Allegations in China Lead to a Shareholder Class Action in the U.S.

The filing of a shareholder class action has become routine following a drop in stock price after the revelation of adverse news about a company. Allegations of corruption at a public company are proving to be no different,...more

Miramar Firefighters Pension Fund v. AboveNet, Inc., C.A. No. 7376-VCN (Del. Ch. July 31, 2013) (Noble, V.C.)

In this decision, the Court of Chancery granted the defendants’ motion to dismiss a stockholder class action challenging the acquisition of AboveNet, Inc. (“AboveNet”) by an arm’s-length buyer following a lengthy public sale...more

Looking Ahead: Forthcoming 2013 Securities and Corporate Governance Litigation Developments

This promises to be an eventful year in securities and corporate governance litigation. A number of looming developments have the potential to change the landscape for many years to come. This is the first of two posts – or...more

2012 Trends in Securities Class Action Filings

On January 23, Cornerstone Research and Stanford Law School’s Securities Class Action Clearinghouse released their “2012 Year in Review” report, which analyzes the federal securities fraud class action filings over the past...more

Life Sciences Company Obtains Dismissal of Shareholder Class Action

The US District Court for the Middle District of Tennessee recently granted BioMimetic Therapeutics Inc.’s motion to dismiss the class action against it, and denied plaintiffs leave to amend their complaint. Shareholders...more

Skadden's 2013 Insights: Global Litigation

New legal ground is expected to be broken this year in areas of importance to companies and their directors, officers and executives. We see those developments coming from around the globe and defining the litigation...more

Delaware Supreme Court Allows Opt-Out Right in Securities Case Certified on Equitable Grounds

In In Re Celera Corporation Shareholder Litigation, No. 212, 2012 (Del. Dec. 27, 2012), the Delaware Supreme Court reversed the lower Court of Chancery and ruled that a large holder of Celera Corporation (“Celera”) shares...more

Delaware Court Permits Shareholder Damages Suit Against Novell Inc. Board To Continue - Alleged Lack of Board Impartiality in...

In a January 3, 2013 decision, the Delaware Court of Chancery declined to dismiss a shareholder class action lawsuit that claimed the Board of Novell Inc. breached its fiduciary duty in allowing a $2.2 billion sale of Novell...more

Delaware Supreme Court Addresses Settlement of Class Action Deal Litigation

In the final days of 2012, the Delaware Supreme Court resolved an appeal arising out of class action litigation concerning the sale of Celera Corporation to Quest Diagnostics, Inc. The litigation was settled by agreement of...more

In re Celera Corp. S’holder Litig., No. 212, 2012 (Del. Dec. 27, 2012)

In this en banc decision, the Delaware Supreme Court affirmed the Court of Chancery’s certification of a class representative in a breach of fiduciary duty action, even though the class representative sold its stock in the...more

Foreign Issuers Take Note: The Expanding Reach of Ontario Securities Law

Yesterday, the Supreme Court of Canada refused to hear an appeal from an Ontario Court of Appeal decision permitting a secondary market liability securities class action to proceed in Ontario against a defendant whose shares...more

Delaware Chancery Court Dismisses Stockholder's Derivative Claim Because of Inadequate Representation for Failing to First Make a...

On September 25, 2012, the Delaware Chancery Court dismissed, with prejudice, a named plaintiff's derivative claim because of inadequate representation. The dismissal applied to the named plaintiff's claim only — not to...more

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