News & Analysis as of

Putative Class Actions Securities and Exchange Commission (SEC)

A&O Shearman

Second Circuit Dismisses Rule 10b-5 Claims Based On Pure Omissions Theory Following Remand From The United States Supreme Court

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On August 19, 2024, the United States Court of Appeals for the Second Circuit dismissed, on remand from the United States Supreme Court, putative class action claims brought under Section 10(b) of the Securities Exchange Act...more

A&O Shearman

Florida District Court Pares Claims In Putative Class Action Against NFT Companies And Their Celebrity Promoter

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On August 16, 2024, Judge Federico A. Morena of the United States District Court for the Southern District of Florida granted in part and denied in part a motion to dismiss a putative class action asserting claims under...more

A&O Shearman

Northern District of California Denies Motion To Dismiss Putative Class Action Based On Financial Services Company’s Alleged...

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On July 29, 2024, Judge Trina L. Thompson of the United States District Court for the Northern District of California denied a motion to dismiss a putative securities class action brought by investors against a financial...more

A&O Shearman

Southern District Of New York Grants Motion To Dismiss Putative Securities Class Action Against Cannabis Company For Failure To...

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On July 17, 2024, Judge Paul A. Engelmayer of the U.S. District Court for the Southern District of New York granted a motion to dismiss a putative securities class action against a cannabis company and three of its officers....more

A&O Shearman

United States Supreme Court Grants Certiorari To Consider When Already-Materialized Risks Must Be Disclosed

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On June 10, 2024, the United States Supreme Court granted certiorari to review a decision of the United States Court of Appeals for the Ninth Circuit that partially reinstated a putative class action asserting claims under...more

K&L Gates LLP

Does the Dapper Settlement Offer Rules of the Road for NFT Issuers?

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Dapper Labs (Dapper) has agreed to settle a putative class action suit brought by private plaintiffs, subject to court approval, putting to rest allegations that its NBA-endorsed nonfungible tokens (NFTs) were offered and...more

Carlton Fields

Courts May Call “Lane Violation” on Recent SEC Actions

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With increasing frequency, petitioners representing the securities industry are asking courts to decide that rules adopted by the SEC exceed the agency’s authority, even when the rules have barely left the starting blocks....more

A&O Shearman

California District Court Grants Motion To Dismiss Investor Class Action Against Rideshare Company

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On May 14, 2024, Judge Rita F. Lin of the United States District Court for the Northern District of California granted a motion to dismiss a putative securities class action against a ridesharing company (the “Company”) and...more

A&O Shearman

Northern District Of California Grants Motion To Dismiss Putative Securities Class Action Against Apparel Company For Failing To...

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On May 10, 2024, Judge Araceli Martínez-Olguín of the United States District Court for the Northern District of California granted a motion to dismiss a putative class action against a global footwear and apparel company...more

A&O Shearman

Northern District Of California Dismisses With Prejudice Putative Class Action Against Pharmaceutical Company

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On May 7, 2024, Judge Beth Labson Freeman of the United States District Court for the Northern District of California dismissed with prejudice a putative shareholders’ class action against a pharmaceutical company (“Company”)...more

A&O Shearman

Sixth Circuit Affirms District Court’s Dismissal Of Putative Securities Class Action Against Car Insurance Company For Failure To...

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On April 29, 2024, the United States Court of Appeals for the Sixth Circuit affirmed the dismissal with prejudice of a putative class action asserting claims under the Sections 11, 12(a)(2), and 15 of the Securities Act of...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

Northern District Of California Dismisses Purported Securities Fraud Class Action Against Entertainment Streaming Company For...

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On January 5, 2024, Judge Jon S. Tigar of the United States District Court for the Northern District of California granted a motion to dismiss a proposed securities class action against an entertainment company that primarily...more

Carlton Fields

Expect Focus - Volume I, January 2024

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Funds Not Caged by SEC Names Rule Amendments: Roaming Room Remains - The SEC recently adopted amendments to its investment company “names” rule that apply to most SEC-registered funds, including underlying funds in which...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 Grants Motion To Dismiss Putative Securities Class Action Against Chinese Private-Sector Education...

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On December 6, 2023, Judge John G. Koeltl of the U.S. District Court for the Southern District of New York granted a motion to dismiss a putative securities class action brought against an operator of private schools in...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - December 2023

The U.S. Supreme Court will likely decide before the end of its current term whether the failure to make a disclosure pursuant to Item 303 of Regulation S-K can serve as the basis for a securities fraud claim under Section...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2023

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

BCLP

Recent case highlights potential pitfalls of informal communications with analysts

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A recent court case highlights the potential pitfalls for public companies engaging in informal communications with analysts. The court found that paraphrased statements attributed to an officer in an analyst’s report can be...more

A&O Shearman

Central District Of California Allows Securities Fraud Claims To Proceed Against Electric Automobile Company

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On July 3, 2023, Judge Josephine L. Staton of the United States District Court for the Central District of California denied a motion to dismiss a putative class action against an electric automobile company (the “Company”),...more

A&O Shearman

Fourth Circuit Affirms Dismissal Of Putative Class Action Under Section 14(a) For Failure To Adequately Allege Material Omissions...

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On June 1, 2023, the United States Court of Appeals for the Fourth Circuit affirmed the grant of summary judgment dismissing claims under Sections 14(a) of the Securities Exchange Act of 1934 against a financial company and...more

Goodwin

Court Dismisses Post-SPAC Class Action for Lack of Standing

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On March 31, 2023, U.S. District Judge Ronnie Abrams of the Southern District of New York dismissed a putative securities class action against CarLotz, Inc. (CarLotz), and certain of its officers and directors on the grounds...more

A&O Shearman

Southern District Grants In Part, Denies In Part Chinese Internet Company’s Motion To Dismiss In Investor Class Action

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On March 21, 2023, Judge Paul A. Engelmayer of the United States District Court for the Southern District of New York granted in part and denied in part a motion to dismiss a putative class against a Chinese internet company...more

ArentFox Schiff

DraftKings NFTs Class Action – An Attempted Dapper Labs Sequel?

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On March 9, 2023, a putative class action was filed against DraftKings Inc. for alleged violations of federal securities laws in the US District Court for the District of Massachusetts. The class, if certified, will include...more

A&O Shearman

District Of Arizona Grants Electric Vehicle Company’s Motion To Dismiss In Investor Class Action

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On February 2, 2023, Judge Steven P. Logan of the United States District of Arizona dismissed a putative class action alleging that manufacturer of hydrogen-electric vehicles (the “Company”), the Company’s former CEO (the...more

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