News & Analysis as of

Class Action Class Certification Securities Fraud

A class action is a type of legal action where a representative individual or group of individuals can bring a claim on behalf of a larger group or class who share a common legal interest.
A&O Shearman

District Of New Jersey Certifies Class Of Investors In Suit Against Healthcare Product Company

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On December 28, 2023, Judge Zahid N. Quraishi of the United States District Court for the District of New Jersey granted class certification in a securities fraud class action, alleging violations of Section 10(b) of the...more

Cooley LLP

Second Circuit Confirms That Corrective Disclosure Mismatch May Preclude Class Certification

Cooley LLP on

On August 10, 2023, the US Court of Appeals for the Second Circuit dealt a blow to securities class action plaintiffs when it decertified the investor class in Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc....more

Jones Day

Second Circuit Provides Valuable Guidance on Application of the Supreme Court's Price-Impact "Mismatch" Framework

Jones Day on

In Short - The Situation: The United States Court of Appeals for the Second Circuit recently decertified a class of stockholders who alleged that Goldman Sachs maintained an inflated share price by making...more

Mintz - Securities Litigation Viewpoints

Second Circuit Clarifies the Circumstances in Which Presumptions Can Be Used To Support Federal Securities Fraud Class Action...

On August 10, 2023, the U.S. Court of Appeals for the Second Circuit took an important step in Arkansas Teacher Retirement System v. Goldman Sachs Group toward clarifying the circumstances in which federal class action...more

Patterson Belknap Webb & Tyler LLP

Third Time’s the Charm: Goldman Sachs Secures Class Decertification in Latest 2nd Circuit Clash Over Tainted CDO

On August 10, 2023, the Second Circuit Court of Appeals granted an emphatic victory to Goldman Sachs, Inc. in its long-running battle to snuff a securities fraud class action arising from conflicts of interest related to...more

Goodwin

Delaware Court Of Chancery Dismisses Remainder 0f Claims Alleging that California Biotech Firm Profited From Nonpublic Information...

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On June 3, 2022, the Delaware Court of Chancery dismissed the final two counts in an action against California biotech firm Vaxart, Inc., finding that plaintiffs failed to adequately allege that certain non-public information...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - March 2022

Class Certification - Central District of California Denies Class Certification in Securities Fraud Action Concerning Company’s Purchase of ADRs - Stoyas v. Toshiba Corp., No. 2:15-cv-04194 (C.D. Cal. Jan. 7, 2022) - ...more

Dechert LLP

Securities & Derivative Litigation: Quarterly Update - Q2 2021

Dechert LLP on

As securities class actions are being filed at a slower pace over the past year, a few notable developments continued into the second quarter of 2021. In particular, the U.S Supreme Court clarified an important issue...more

Goodwin

SCOTUS Vacates Class Certification In Suit Against Goldman Sachs And Clarifies Appropriate Scope Of Price Impact Evidence

Goodwin on

SCOTUS Vacates Class Certification In Suit Against Goldman Sachs And Clarifies Appropriate Scope Of Price Impact Evidence; Stockholders Strike $110 Million Settlement In Suit Alleging Breaches Of Fiduciary Duties By Former...more

Cadwalader, Wickersham & Taft LLP

Securities Litigation Update: Courts of Appeals Weigh in on American Pipe Tolling and the Affiliated Ute Presumption of Reliance

The Third Circuit extended American Pipe tolling to the period before a decision on class-certification, opening a new avenue for potential class members to assert otherwise untimely individual securities claims.  The Ninth...more

Foley & Lardner LLP

Supreme Court Clarifies, but Declines to Significantly Alter, Class Certification Battleground in Securities-Fraud Class Actions

Foley & Lardner LLP on

Defendants have historically faced an uphill battle to defeat class certification in securities-fraud class actions. The United States Supreme Court’s recent decision in Goldman Sachs Group, Inc. v. Arkansas Teacher...more

Sheppard Mullin Richter & Hampton LLP

Eighth Circuit Holds Rule 23(b)(3)’s Predominance Requirement Not Met in Securities Fraud Action Against Brokerage Firm

In Ford v. TD Ameritrade Holding Corp., 2021 U.S. App. LEXIS 12008 (8th Cir. Apr. 23, 2021), the United States Court of Appeals for the Eighth Circuit reversed a district court’s order certifying a class of customers who had...more

Cadwalader, Wickersham & Taft LLP

Securities Litigation Update: Eighth Circuit Closes the Door on Securities Class Action Alleging Violation of Broker’s Duty of...

On April 23, 2021, in Ford v. TD Ameritrade Holding Corp., a panel of the U.S. Court of Appeals for the Eighth Circuit reversed a district court order certifying a class action alleging that TD Ameritrade committed securities...more

Goodwin

Massachusetts Superior Court BLS Finds No Duty To Disclose Alleged Preliminary Merger Discussions

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Massachusetts Superior Court BLS Finds No Duty to Disclose Alleged Preliminary Merger Discussions, Northern District of California Declines to Dismiss Oracle Fraud Class Action Suit, SCOTUS Hears Oral Argument in Goldman...more

Skadden, Arps, Slate, Meagher & Flom LLP

Securities Litigation and Regulatory Enforcement Update

On December 8, 2020, Skadden held the fourth and final installment of its annual Securities Litigation and Regulatory Enforcement Update, “Developments and Trends in Securities Litigation: A Year-End Update for 2020 and a...more

Jones Day

2020 Securities Litigation Year in Review

Jones Day on

2020 was another active year for securities litigation in the United States. Federal securities class actions continued to be filed at record levels notwithstanding the COVID-19 pandemic. In fact, a number of those newly...more

Goodwin

Northern District Of Illinois Holds COVID-19, Not TD Ameritrade, Responsible For Trading Losses

Goodwin on

IN THIS ISSUE - Illinois Federal Judge Finds COVID-19, Not TD Ameritrade, Responsible for Losses; Supreme Court to Address Scope and Application of Basic Presumption of Classwide Reliance in Securities Class Actions;...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between July and October 2020. Class Certification - Cryptocurrency – Definition of a Security - Derivative...more

Mintz - Securities Litigation Viewpoints

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

Morgan Lewis

The Evolving Landscape of Covid-19-related Class Action Lawsuits

Morgan Lewis on

The coronavirus (COVID-19) pandemic has caused upheaval in the global economy. This massive disruption has led to a wave of class action lawsuits relating, directly or indirectly, to COVID-19. This White Paper reviews the...more

A&O Shearman

District Of Massachusetts Holds That Plaintiff Who Purchased Stock After Corrective Disclosure Lacks Standing To Pursue Putative...

A&O Shearman on

On September 23, 2019, Judge Denise J. Casper of the United States District Court for the District of Massachusetts denied class certification in a securities fraud action brought against a biopharmaceutical company (the...more

McManis Faulkner

Class Actions: A Brief Comparison of Federal and California Practice [Part 5 of 5]

McManis Faulkner on

Attorneys who appear in both state and federal courts must be familiar with the differences between the two systems. While some rules have harmonized over time,[1] other procedures are entirely distinct. As a matter of...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Supreme Court’s Business Docket for the October 2018 Term

On September 26, 2018, Skadden hosted a webinar titled “US Supreme Court October 2018 Term.” Topics included some of the key business-related cases on the Supreme Court’s docket, including cases addressing antitrust, foreign...more

Mintz - Securities Litigation Viewpoints

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

Hinshaw & Culbertson LLP

American Pipe Clarified: Statute of Limitations for Class Actions not tolled by a Prior Motion for Class Certification

In a unanimous decision, the United States Supreme Court held on June 11, 2018 that a pending motion for class certification does not toll the statute of limitations for the filing of a new class action lawsuit by a putative...more

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