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SCOTUS Grants Certiorari to Hear NVIDIA Fraud Appeal on PSLRA Pleading Standard

Last week, the United States Supreme Court granted certiorari in NVIDIA Corp. v. E. Ohman J:Or Fonder AB., Case No. 23-970, to address two fundamental questions about how federal securities fraud cases must be pled to survive...more

Supreme Court Narrows the Reach of Omission Liability Claims Under Section 10(b) of the Exchange Act

Last week, the U.S. Supreme Court, in Macquarie Infrastructure Corporation v. Moab Partners, L.P., held that omissions of supposedly material information allegedly required to be disclosed under Item 303 of SEC Regulation S-K...more

New ESG Requirements for Banks that Hold Public Funds May Raise Challenging Compliance Issues

Much ink has been spilled about ESG laws and regulations targeted at the investment of public funds, and rightfully so.  Yet, there has been little discussion of novel requirements imposed on banks that simply hold state or...more

The Supreme Court Solidifies the Securities Act’s Tracing Requirement For Section 11 Plaintiffs

Last week, the U.S. Supreme Court solidified the “tracing” requirement for private plaintiffs to be able to assert Section 11 claims pursuant to the Securities Act of 1933, holding that plaintiffs asserting such securities...more

District Courts Will Hear Constitutional Challenges to SEC and FTC Admin Courts

Last week, the U.S. Supreme Court paved a path for petitioners to assert constitutional challenges to the structure of U.S. Securities and Exchange Commission (“SEC”) and U.S. Federal Trade Commission (“FTC”) administrative...more

Caremark Liability Following the SEC’s New ESG Reporting Requirements

Recent developments in the Court of Chancery concerning a corporate board’s duty to monitor and provide oversight over a corporation’s operations, so-called Caremark claims, are likely to intersect with the Securities and...more

“We lost. Sorry everyone”: The Implications of a District Court Finding Digital Token, LBC, Is a Security

Crypto litigation, fueled by a surge of investors and market volatility, has ballooned in recent years. For example, numerous securities class actions and government subpoenas followed the May 2022 collapse of the $60 billion...more

The Public Weighs In On How the SEC Should Regulate ESG Disclosures

The past several years has seen growing attention on climate change disclosures and other environmental, social, and governance (“ESG”) issues. In 2016, a variety of universities faced pressure as student bodies demanded...more

Two Isn’t Always Better Than One: SDNY Denies Class Certification Where Lead Plaintiff Hired Two Firms

In a scathing decision by the United States District Court for the Southern District of New York, the Court denied class certification of the Allergan securities class action (“Allergan”). See In re Allergan PLC Sec. Litig.,...more

How A Prior DOJ Settlement Doomed A SEC Enforcement Action: A Volkswagen Case Study

It is not uncommon for various government agencies and offices to investigate the same company, particularly following a major scandal. We have grown accustomed to seeing simultaneous investigations by the U.S. Department of...more

When A Relationship Is Insufficient: Opting Out of the FX Antitrust Class Action Requires Clear Indication

On May 28, 2020, Judge Lorna G. Schofield of the United Stated District Court for the Southern District of New York issued her Opinion and Order in Allianz Global Inv’rs GMBH v. Bank of Am. Corp., No. 18 Civ. 10364 (LGS),...more

Supreme Court of Delaware Overturns Court of Chancery, Allowing Corporations To Enact Federal Forum Provisions to Keep Securities...

On March 18, 2020, the Delaware Supreme Court (the “Court”) issued a groundbreaking decision reversing the Delaware Court of Chancery’s December 2019 ruling in Sciabacucchi v. Salzberg, 2018 Del. Ch. LEXIS 578 (Del. Ch. Dec....more

Judge Rakoff Unseals Documents in Petrobras Securities Class Action To Allow Use in Foreign Arbitration, Bypassing Traditional...

Years after Plaintiffs brought a federal securities complaint against Petrobras, and more than a year after the case settled for approximately $3 billion, Judge Jed S. Rakoff of the United States District Court for the...more

Supreme Court Denies Opportunity To Clarify Whether The Federal Securities Laws Carry a Duty to Update

On May 20, 2019, the U.S. Supreme Court denied defendants-appellees’ petition for certiorari in Hagan v. Khoja. As set forth in our prior alert, the executives of the now-defunct biotechnology company, Orexigen, sought review...more

Teva Putative Federal Securities Class Member Seeks to Toll Statute of Repose with Motion to Intervene

The United States District Court of the District of Connecticut will soon decide whether a putative class member may intervene “for the limited purpose of tolling the statute of repose.” Statutes of repose place an outer...more

Petition for Certiorari Asks Supreme Court to Clarify Whether the Federal Securities Laws Carry a Duty to Update

Last week, executives of the now-defunct biotechnology company, Orexigen, filed a petition for certiorari with the U.S. Supreme Court, seeking clarification of the duty to update under the federal securities laws. The...more

Delaware Chancery Court Holds Corporations Cannot Enact Federal Forum Provisions To Bypass Cyan and Preclude State Courts from...

In 2017, courts across this country were split on whether plaintiffs could assert a class action alleging claims under the Securities Act of 1933 (which provides a private right of action against issuers and others for...more

U.S. District Court Holds that Certain Claims by Opt-Out Plaintiffs Are Barred by the Statute of Repose

In a recent ruling in In re: BP p.l.c. Securities Litigation the United States District Court for the Southern District of Texas dismissed claims asserted by opt-out plaintiffs as time barred by the Exchange Act’s statute of...more

Court Allows Volkswagen Bondholder Action to Proceed, But Expresses Doubts about the Plaintiff’s Ability to Certify a Class

As we previously noted in this post, the United States District Court for the Northern District of California dismissed the Volkswagen Bondholder Plaintiff’s first amended complaint, with leave to amend, holding that it could...more

In Khoja, the Ninth Circuit Limits Defendants’ Ability to Argue Facts in a Motion to Dismiss

In Khoja v. Orexigen Therapeutics, Inc., the Ninth Circuit clarified the “rare circumstances” when a court may review documents extraneous to the pleadings in ruling on a motion to dismiss. Given that it has become routine...more

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