News & Analysis as of

Split of Authority Rule 10(b)

A&O Shearman

Federal Court Denies Motion To Dismiss Section 20A Insider Trading Claims, Finding Plaintiffs Sufficiently Pleaded Scienter Where...

A&O Shearman on

On July 1, 2019, Judge Michael A. Shipp of the United States District Court for the District of New Jersey denied a motion to dismiss a complaint alleging insider trading in violation of Section 20A of the Securities Exchange...more

A&O Shearman

Supreme Court Denies Petition For Certiorari In Toshiba, Leaving In Place Arguable Circuit Split Regarding Extraterritorial Reach...

A&O Shearman on

On June 24, 2019, the United States Supreme Court denied a petition for certiorari to review a decision from the United States Court of Appeals for the Ninth Circuit, which held that a foreign issuer that has no involvement...more

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court Declines to Further Define Morrison’s Domestic Transaction Requirement

The U.S. Supreme Court today denied the petition for certiorari in Toshiba Corp. v. Automotive Industries Pension Trust Fund, No. 18-486 (U.S. Oct. 15, 2018), leaving open the question of the appropriate scope of the...more

Allen Matkins

With Respect To Scienter, The Ninth Circuit Walks By Its Wild Lone

Allen Matkins on

Although the United States Supreme Court has never directly addressed the issue, many lower courts have inferred that a private right action exists under Section 14(e) of the Exchange Act. That may not come of much a...more

Dechert LLP

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

Dechert LLP on

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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