News & Analysis as of June 2, 2025

Securities Violations

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

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Southern District Of New York Denies Digital Asset Trading Company’s Motion For Judgment On The Pleadings

A&O Shearman on 3/13/2025

On February 7, 2025, Judge Paul A. Engelmayer of the United States District Court for the Southern District of New York denied a motion for judgment on the pleadings in a putative class action against a cryptocurrency...more

AI Update: New Lawsuit Highlights the Risks Of AI-Related Disclosures

Zelle LLP on 2/20/2025

A recent lawsuit filed in the US District Court for the Southern District of New York—Sarria v. Telus International (Cda) Inc. et al., No. 1:25-cv-00889 (S.D.N.Y. Jan 30, 2025)—involves two distinct risks associated with...more

Tenth Circuit Court of Appeals Affirms Dismissal of Putative Securities Class Action Brought by Short Seller

Katten Muchin Rosenman LLP on 11/6/2024

On October 15, 2024, the United States Court of Appeals for the Tenth Circuit affirmed the dismissal of a putative securities class action against online retailer Overstock.com (“Overstock” or the “Company”) and certain of...more

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

A&O Shearman on 5/23/2024

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

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

Skadden, Arps, Slate, Meagher & Flom LLP on 6/1/2023

Supreme Court Hears Argument on Traceability Requirement in Circuit-Split Slack v. Pirani - Key Points - - Before the end of June, the U.S. Supreme Court is expected to issue a decision in a high-profile securities case...more

SEC Brings Suit Against Owner of BitTorrent, Inc., and Settles Claims With Celebrity Endorsers of Certain Crypto Tokens

Goodwin on 4/25/2023

On March 22, 2023, the US Securities and Exchange Commission (SEC) filed a complaint in US District Court for the Southern District of New York against Justin Sun, the owner of BitTorrent, Inc., a file-sharing platform; three...more

Fifth Circuit Securities Litigation Quarterly Q1 2023

A&O Shearman on 4/21/2023

Shearman & Sterling is pleased to announce our the publication of our Fifth Circuit Securities Litigation Quarterly. Given the many public companies and financial institutions that are moving to Texas, our Texas-based...more

Why are Securities Class Action Mediations Different from Other Mediations?

Seyfarth Shaw LLP on 3/31/2023

To borrow a few of the words spoken in 1926 by F. Scott Fitzgerald to Ernest Hemingway in a quite distinct context, securities class action mediations “are different than” mediations of most other lawsuits....more

Fourth Circuit Issues Decisive Opinion Affirming Dismissal of Securities Class Action Against MacroGenics

Cooley LLP on 3/23/2023

Biotech companies are often faced with a dilemma – they need to raise capital to develop novel therapies, and in doing so, they often express honest optimism about interim and topline results from their drugs in development....more

Securities Class Actions: Data, Trends, and Insights

Davis Wright Tremaine LLP on 3/17/2023

The number of securities class actions filed last year fell for the fourth year in a row. But these time-consuming, costly litigations still target 5 percent of all S&P 500 companies in an average year, and settlement costs...more

Third Circuit Affirms Dismissal of Complaint, Finding Investors Failed to Sufficiently Allege Amarin’s Statements Were False or...

Goodwin on 7/1/2022

On June 14, 2022, the U.S. Court of Appeals for the Third Circuit affirmed the dismissal of a securities suit brought by investors in pharmaceutical company, Amarin Corporation, PLC, holding that the investors had failed to...more

COVID-Related SEC Enforcement Actions Not a Thing of the Past

Holland & Knight LLP on 6/8/2022

The sun is shining, children are out of school, families are headed off on summer vacations, and the SEC is … bringing enforcement actions against companies for 2020 fraud related to COVID-19 products. One such action was...more

In re Nektar Therapeutics: Ninth Circuit Affirms Dismissal of Securities Class Action Arising from Failure of Clinical Drug...

Cooley LLP on 6/8/2022

Summary - On May 19, 2022, a panel of the Ninth Circuit unanimously affirmed the district court’s dismissal of a putative securities fraud class action accusing Nektar Therapeutics and several of its executives of...more

SEC Obtains Consent Judgments Against Biotechnology Company and CEO for False COVID-19 Product Claims

Goodwin on 5/4/2022

On April 19, 2022, Judge James R. Knepp II of the U.S. District Court for the Northern District of Ohio approved consent judgments against biotechnology firm Rising Biosciences, Inc. and its CEO Arthur Hall for violations of...more

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

Goodwin on 7/27/2021

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

2020 Year In Review Securities Litigation Against Technology Companies

Goodwin on 4/28/2021

In many ways, 2020 was an unprecedented year. In midMarch, the United States abruptly went into lockdown as coronavirus cases began to spike; a national emergency was declared, travel bans and gathering restrictions were...more

Fifth Circuit Affirms Enron Broker Not Liable to Employee Stock Option Holders for False or Withheld Information

Sheppard Mullin Richter & Hampton LLP on 8/21/2019

Ending a more than 15-year-long legal battle, the Fifth Circuit on May 24, 2019, unanimously affirmed the dismissal of a proposed class action against subsidiaries of UBS AG, alleging violations of U.S. securities laws for...more

Inside the Courts – An Update From Skadden Securities Litigators - June 2018

Skadden, Arps, Slate, Meagher & Flom LLP on 7/3/2018

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between February 2018 and May 2018. ...more

District Of Minnesota Certifies Securities Fraud Class Action But Narrows The End Of Putative Class Period To The Date Of The...

A&O Shearman on 2/13/2018

On January 30, 2018, Judge John R. Tunheim of the United States District Court for the District of Minnesota granted class certification in a consolidated securities fraud class action against Medtronic and certain of its...more

Second Circuit Reiterates: Defendants Must Satisfy Burden Of Persuasion Through A Preponderance Of The Evidence To Rebut Basic...

Carlton Fields on 1/31/2018

The Second Circuit, in keeping with its recent decision in Waggoner v. Barclays, reaffirmed that defendants must satisfy the burden of persuasion by a preponderance of the evidence to rebut the presumption established by the...more

Inside the Courts – An Update From Skadden Securities - June 2017

Skadden, Arps, Slate, Meagher & Flom LLP on 6/9/2017

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between February 2017 and April 2017. The cases address developing trends in class actions, ERISA, fiduciary duties,...more

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