News & Analysis as of

Loss Causation Scienter

A&O Shearman

Ninth Circuit Affirms Dismissal Of Putative Securities Class Action Against Information Services Company For Failure To Adequately...

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On April 19, 2024, the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of a consolidated putative securities class action alleging violations of Section 10(b) of the Securities Exchange Act of 1934...more

A&O Shearman

Second Circuit Affirms District Court’s Summary Judgment Dismissal Of Securities Fraud Class Action Against Pharmaceutical Company

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On April 15, 2024, the United States Court of Appeals for the Second Circuit affirmed in a non-precedential summary order the summary judgment dismissal of securities fraud claims against a pharmaceutical company (the...more

A&O Shearman

Southern District Of New York Narrows Claims In Putative Class Action Against China Based Real Estate Brokerage Company

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On February 26, 2024, Judge Gregory H. Woods of the United States District Court for the Southern District of New York narrowed claims in a putative class action asserting claims under the Securities Exchange Act of 1934 and...more

A&O Shearman

Southern District Of New York Declines To Dismiss Putative Class Action Against Financial Institution Regarding Alleged...

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On February 23, 2024, Judge Katherine Polk Failla of the United States District Court for the Southern District of New York largely denied a motion to dismiss a putative class action asserting claims under the Securities...more

A&O Shearman

Southern District Of New York Permits Putative Class Action Against Ride Hailing Company To Proceed

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On March 14, 2024, Judge Lewis Kaplan of the United States District Court for the Southern District of New York denied defendants’ motions to dismiss a putative class action against a China-based ride hailing company, certain...more

A&O Shearman

Eastern District Of Pennsylvania Dismisses Purported Securities Fraud Class Action Against IT Services Company For Failure To...

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On February 1, 2024, Judge Gerald J. Pappert of the United States District Court for the Eastern District of Pennsylvania granted a motion to dismiss a putative securities class action against an IT solutions company that...more

A&O Shearman

Northern District Of California Pares Claims In Putative Class Action Regarding Purchase Of Social Media Platform

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On December 11, 2023, Judge Charles Breyer of the United States District Court for the Northern District of California narrowed a putative class action asserting claims under the Securities Exchange Act of 1934 against the...more

A&O Shearman

Southern District Of New York Dismisses Proposed Securities Class Action Complaint Against Drug Manufacturer For Failure To Plead...

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On September 25, 2023, Judge Lorna Schofield of the United States District Court for the Southern District of New York granted a motion to dismiss a proposed class action against a biopharmaceutical company (the “Company”)...more

Freiberger Haber LLP

Securities Act Claims Dismissed as Time-Barred and Otherwise Insufficient

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On March 20, 2018, the United States Supreme Court decided Cyan, Inc. v. Beaver County Employees Retirement Fund, in which it unanimously held that the Securities Litigation Uniform Standards Act of 1998 does not strip state...more

Troutman Pepper

Federal Judge Refuses to Dismiss Tobacco and Cannabis Company's Class-Action SEC Disclosure Suit Based on 10b-5(b) Scienter and...

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On January 6, a federal judge for the Western District of New York denied a cannabis and tobacco engineering company’s attempt to dismiss claims that it concealed a U.S. Securities and Exchange Commission (SEC) investigation...more

A&O Shearman

Western District Of Washington Largely Declines To Dismiss Putative Class Action Against Online Real Estate Listing Company

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On December 7, 2022, the United States District Court for the Western District of Washington largely denied a motion to dismiss a putative class action asserting claims under the Securities Exchange Act of 1934 against an...more

A&O Shearman

Central District Of California Dismisses With Prejudice Suit Against Children’s Cartoon Company And Finds That The Complaint...

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On July 15, 2022, the United States District Court for the Central District of California granted a motion to dismiss a putative class action against a children’s cartoon company (the “Company”) and certain of its officers...more

A&O Shearman

Northern District Of California Grants Motion To Dismiss Securities And Exchange Act Claims Against Mobile Gaming Technology...

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On July 5, 2022, Chief Judge Richard Seeborg of the Northern District of California granted motions to dismiss a putative securities class action asserting claims under Section 10(b) of the Securities Exchange Act of 1934...more

A&O Shearman

Northern District Of California Dismisses Without Prejudice Putative Class Action Against Synthetic Biology Company For Failure To...

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On May 31, 2022, Judge Beth Labson Freeman of the Northern District of California dismissed without prejudice a putative class action asserting claims under the Securities Exchange Act against a synthetic biology company and...more

A&O Shearman

Ninth Circuit Affirms Dismissal Of Complaint Against Pharmaceutical Company For Failure To Allege Falsity And Loss Causation

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On May 19, 2022, the United States Court of Appeals for the Ninth Circuit affirmed a district court’s dismissal of a putative class action against a pharmaceutical company (the “Company”) asserting claims under Section 10(b)...more

A&O Shearman

Southern District Of New York Grants Motion To Dismiss Exchange Act Claims Against Pharmaceutical Company For Alleged Omissions...

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On March 21, 2022, Judge Lewis J. Liman of the Southern District of New York granted a motion to dismiss a claim under Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 thereunder, as...more

A&O Shearman

Southern District Of New York Dismisses Putative Class Action Against Global Commercial Electronic Vehicle Company For Failure To...

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On March 15, 2022, Judge George B. Daniels of the Southern District of New York dismissed a putative class action against a global company that focuses on facilitating the adoption of commercial electronic vehicles (“EV”)...more

A&O Shearman

Southern District Of Ohio Declines To Dismiss Putative Class Action Against Energy Company Regarding Alleged Bribery Scheme

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On March 7, 2022, Judge Algenon L. Marbley of the Southern District of Ohio largely denied a motion to dismiss a putative class action asserting claims under the Securities Exchange Act of 1934 (“Exchange Act”) and the...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

Jones Day

2021 Securities Litigation Year in Review

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During 2021, securities case filings fell for the second consecutive year and, for the first time since 2016, fewer than 300 federal securities class actions were filed. Despite the ongoing pandemic, the number of announced...more

A&O Shearman

Northern District Of California Pares Claims In Putative Class Action Against Videoconferencing Company

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On February 16, 2022, Judge James Donato of the Northern District of California granted in part and denied in part a motion to dismiss a putative class action asserting claims under the Securities Exchange Act of 1934 against...more

Proskauer - Corporate Defense and Disputes

Securities Litigation: An Emerging Strategy to Hold Companies Accountable for Privacy Protections

A California federal judge rejected Zoom Video Communications, Inc.’s motion to dismiss securities fraud claims against it, and its CEO and CFO, for misrepresenting Zoom’s privacy protections....more

A&O Shearman

Northern District Of California Dismisses Putative Class Action Against Social Media Company For Failure To Adequately Allege...

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On December 20, 2021, the United States District Court for the Northern District of California dismissed a putative class action against a social media company and certain of its executives under the Securities Exchange Act. ...more

A&O Shearman

Northern District Of California Narrows Claims In Putative Securities Class Action Against Pharmaceutical Company

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On October 19, 2021, Chief Judge Richard Seeborg of the United States District Court for the Northern District of California narrowed the claims in a putative securities class action asserting claims under the Securities...more

Jones Day

2020 Securities Litigation Year in Review

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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

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