News & Analysis as of

Securities Fraud Class Action

SeaWorld Shareholders See Red After World Sees Blackfish

by Carlton Fields on

A California District Court granted certification to a group of SeaWorld investors in a shareholder securities fraud case following the release of the documentary “Blackfish.” ...more

Securities Fraud Action Based Upon DeVry University's Representations About Graduate Employment Rates Was Dismissed Because...

by Shearman & Sterling LLP on

On December 6, 2017, the United States District Court for the Northern District of Illinois dismissed a securities fraud lawsuit brought against DeVry Education Group, Inc. and several of its executives (“DeVry”), with leave...more

Inside the Courts – An Update From Skadden Securities Litigators - November 2017/ Volume 9 / Issue 4

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between August 2017 and October 2017....more

The 9th Circuit Rejects Securities Class Action Premised on Businesses’ Complaints About Yelp’s Practices

• The U.S. Court of Appeals for the 9th Circuit affirmed the dismissal of a securities fraud claim alleging that Yelp fraudulently inflated its stock price by misleading investors about its practices concerning the business...more

Fourth Circuit Court Of Appeals Affirms Dismissal Of Securities Fraud Class Action, Stating That Scienter Cannot Be Pled By...

by Shearman & Sterling LLP on

On November 15, 2017, the United States Court of Appeals for the Fourth Circuit affirmed the dismissal of a putative securities fraud class action against PowerSecure International, Inc. (the “Company” or “PowerSecure”), and...more

Bridging the Week - November 2017

by Katten Muchin Rosenman LLP on

Backers of Tezos Initial Coin Offering Named in Prospective Class Action Litigation: On October 25, the promoters of a highly successful initial coin offering to support development of the Tezos blockchain project and other...more

The Southern District Of California Allows Shareholder Securities Fraud Class Action To Proceed In Part

by Shearman & Sterling LLP on

On October 20, 2017, Judge Michael M. Anello of the United States District Court for the Southern District of California denied in part and granted in part a motion to dismiss brought by Qualcomm, Inc. (the “Company”), its...more

The Southern District Of California Allows Shareholder Securities Fraud Class Action To Proceed In Part

by Shearman & Sterling LLP on

On October 20, 2017, Judge Michael M. Anello of the United States District Court for the Southern District of California denied in part and granted in part a motion to dismiss brought by Qualcomm, Inc. (the “Company”), its...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Old-school retailer Lord & Taylor has reached a deal with WeWork to sell its landmark New York flagship store for $850 million. L&T will continue on with a greatly decreased department store footprint in the space, but the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Goldman’s deal-making advising is sputtering a bit these days, so Lloyd and the gang are working on generating some of those deals themselves through a new Innovations Lab internal venture....more

Third Circuit Affirms Dismissal of Plaintiffs’ Challenge to Risk Factors and Earnings Projections, in Williams v. Globus Medical,...

A recent Third Circuit opinion demonstrates the high bar that plaintiffs face when attempting to plead the falsity of two categories of statements: (1) risk factors alleged to be misleading because the warned-of risk had...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Travis is still kicking around at Uber, and he made that quite clear late last week by using his “outsize voting rights” to name two directors to the 8-member board ahead of a vote to reduce Kalanick’s voting power at the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The White House announced its intention yesterday to blocked a China-backed investor from buying American semiconductor maker Lattice over national security concerns. The “rare move” could “signal more aggressive scrutiny of...more

Upcoming Supreme Court Cases Worth Noting by Institutional Investors

The U.S. Supreme Court‘s 2017 term begins October 2nd and we will be tracking at least three cases relevant to institutional investors: •Cyan, Inc. v. Beaver County Employees Retirement Fund •Digital Realty Trust v....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

While the Journal considers the ever-growing list of headaches for Khosrowshahi, including a new federal bribery probe over potential Uber FCPA violations....more

Third Circuit Follows ANZ Securities Decision and Reverses for Dismissal of Exchange Act Claims as Untimely

by Carlton Fields on

On June 28, 2017, Bruce Berman and Steve Blickensderfer posted in this space about the Supreme Court’s recent decision in California Public Employees Retirement System v. ANZ Securities, Inc., 137 S. Ct. 2042 (2017). In that...more

Ninth Circuit Reverses District Court Dismissal Of Securities Fraud Class Action, Holding That Non-Forward Looking Statements...

by Shearman & Sterling LLP on

On July 28, 2017, the United States Circuit Court of Appeals for the Ninth Circuit reversed a district court decision dismissing a putative class action lawsuit against Quality Systems, Inc., (“QSI” or the “Company”), a...more

Second Circuit Clarifies Ascertainability Rule, Rejecting “Heightened” Standard of Administrative Feasibility

by Carlton Fields on

The Second Circuit recently rejected the “heightened” ascertainability requirement under Rule 23(b)(3), turning aside a challenge to a district court’s certification of a securities fraud class action. Instead, the court...more

Securities Class Action Filings at an All-Time High

Federal securities fraud class action filings have been on a meteoric rise over the past 18 months. According to a recent report released by Cornerstone Research, plaintiffs filed 226 new federal securities fraud class action...more

Eastern District Of Wisconsin Dismisses Securities Fraud Allegations Based On Accounting Errors For Failure To Sufficiently Plead...

by Shearman & Sterling LLP on

On July 20, 2017, Judge J.P. Stadtmueller of the United States District Court for the Eastern District of Wisconsin dismissed claims brought by shareholders of Kohl’s Corporation (“Kohl’s”) against the company and two of its...more

SCOTUS Upholds Strict Statute of Repose on Federal Section 11 Securities Claims

by Perkins Coie on

In a 5-4 decision in California Public Employees’ Retirement System (CalPERS) v. ANZ Securities, Inc., et al. (No. 16-373), 582 U.S. ___ (2017), the U.S. Supreme Court upheld, at the end of last month, a U.S. Court of Appeals...more

The Supreme Court Holds Statute of Repose Cannot Be Equitably Tolled

Securities defendants can rest easier after the Supreme Court’s decision to strictly construe certain statutory time limits under the Securities Act of 1933. On June 26, 2017, the Court issued its opinion in California Public...more

Supreme Court Upholds Strict Time Limit in Federal Securities Class Actions

On June 26, 2017, the Supreme Court issued a 5-4 decision in California Public Employees’ Retirement System v. ANZ Securities, Inc., et al. (“CalPERS”) (No. 16–373, 2017 WL 2722415) (U.S. June 26, 2017), holding that the...more

Supreme Court Rules American Pipe Doesn't Toll 3-Year Limit on Securities Claims

On June 26, 2017, the U.S. Supreme Court issued a decision that will have a significant effect on securities class action litigation, changing the strategic calculus for both institutional plaintiffs and defendants. In...more

US Supreme Court Holds that 3-Year Time Limit to Challenge Registration Statements Cannot Be Tolled, Precluding Opt-Out Plaintiffs...

by Dechert LLP on

Officers, directors, and underwriters frequently become targets of securities fraud litigation after a public offering. In a landmark case decided yesterday, the U.S. Supreme Court provides defendants with another tool to...more

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