One of the most significant differences between bringing a securities lawsuit in state versus federal court is the application of the mandatory discovery stay set forth in the Private Securities Litigation Reform Act (the...more
On July 2, 2021, the US Supreme Court granted the Petition for a Writ of Certiorari filed in Pivotal Software, to address one of the many questions stemming from the Court’s decision in Cyan, which permitted state courts to...more
Ruling suggests a new means of stemming the flood tide of state-court Securities Act claims that followed the U.S. Supreme Court’s Cyan decision in 2018. But uncertainty lingers as to whether post-IPO public companies can...more
On March 18, in Salzberg v. Sciabacucchi, No. 346, 2019, the Delaware Supreme Court held that Delaware corporations may validly adopt forum selection provisions requiring that all claims arising under the federal Securities...more
Several securities litigation trends over recent years show no signs of abating in 2020. Federal securities class action filings seem likely to remain at elevated levels. Last year, for the third consecutive year, more than...more
This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between December 2018 and February 2019....more
On February 25, 2019, the U.S. Chamber of Commerce’s Institute of Legal Reform (the “ILR”) published a report entitled “Containing the Contagion: Proposals to Reform the Broken Securities Class Action System” (the “Report”)....more
On December 19, 2018, the Delaware Court of Chancery held that forum selection provisions contained in the certificate of incorporation of Delaware corporations are invalid to the extent that they require any claim under the...more
In Cyan, Inc. v. Beaver County Employees Retirement Fund, No. 15-1439 (Mar. 20, 2018), the Supreme Court recently held that certain federal securities-law claims could proceed in state courts—despite the narrowing effect of...more
This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between May 2018 and August 2018.... US Supreme Court - Supreme Court Holds That SEC Administrative Law Judges...more
This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between February 2018 and May 2018. ...more
On March 20, 2018, the United States Supreme Court released its unanimous decision in Cyan, Inc. v. Beaver County Employees Retirement Fund, 138 S.Ct. 1061 (2018). In Cyan, the Court considered whether plaintiffs can file...more
In 2017, federal securities class actions were filed at a rapid clip, averaging more than one per day – a level not seen in nearly 20 years according to survey data. It was the third year of growth and a 44% increase over...more
On March 20, 2018, a unanimous United States Supreme Court, in Cyan, Inc. v. Beaver Cty. Employees Ret. Fund, No. 15-1439, 2018 WL 1384564, answered two questions concerning investors' ability to pursue alleged violations of...more
The U.S. Supreme Court has ruled that class action plaintiffs can bring claims under the Securities Act of 1933 in either state or federal court. ...more
On March 20, 2018, the Supreme Court unanimously ruled in Cyan, Inc. v. Beaver County Employees Retirement Fund, No. 15-1439, that securities plaintiffs could bring class actions under the Securities Act of 1933 (“Securities...more
In Cyan, Inc. v. Beaver County Employees Retirement Fund, No. 15-1439, decided on March 20, 2018, the Supreme Court unanimously held that class actions based solely on the Securities Act of 1933 (33 Act) may be brought in...more
The U.S. Supreme Court issued a unanimous decision on March 20 holding that investors are free to file securities class action lawsuits challenging the veracity of stock registration statements under Section 11 of the...more
In recent years, plaintiffs increasingly have challenged initial public offerings by filing securities class actions in state courts, especially California, due to an unsettled jurisdictional question. In Cyan, Inc. v. Beaver...more
Editor's Note - In This Issue. The Federal Financial Institutions Examination Council (FFIEC) provided an update on its Examination Modernization Project; the Consumer Financial Protection Bureau (CFPB) invited comments on...more
A unanimous Supreme Court recently held that “covered class actions” over exchange-traded securities are not removable from state courts under SLUSA when they assert only ‘33 Act claims....more
Last Tuesday, the Supreme Court issued its opinion in Cyan Inc. v. Beaver County Employees Retirement Fund. The opinion by Justice Elena Kagan for a unanimous court answered two questions: Did the Securities Litigation...more
On March 20, 2018, the Supreme Court of the United States, in a unanimous decision delivered by Justice Kagan, ruled that state courts have jurisdiction to adjudicate class actions brought under the Securities Act of 1933...more
In a boon for public company shareholder plaintiffs this week, the U.S. Supreme Court upheld state courts’ concurrent jurisdiction over securities class actions alleging violations of certain federal securities laws. The...more
On Tuesday, a unanimous U.S. Supreme Court held that state courts have jurisdiction to hear “covered” class-action claims under the Securities Act of 1933 (1993 Act), and that defendants may not remove such claims to federal...more