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Toshiba Rule 10b-5

A&O Shearman

Central District Of California Allows Exchange Act Claims To Proceed Against Non-U.S. Corporate Issuer In Connection With ADRs,...

A&O Shearman on

On January 28, 2020, Judge Dean D. Pregerson of the United States District Court for the Central District of California denied defendant’s motion to dismiss a putative securities class action brought against a multinational...more

Morrison & Foerster LLP

Ninth Circuit Holds That Trading Unsponsored ADRs Can Be Used to Justify Claims Under Rule 10b-5

On July 17, 2018, the Ninth Circuit issued an opinion in Stoyas v. Toshiba Corporation, holding that the Supreme Court’s decision in Morrison v. National Australia Bank Ltd. does not preclude U.S. domestic purchasers of...more

Mayer Brown Free Writings + Perspectives

Application of the Morrison Case to Unsponsored ADRs

The Ninth Circuit recently decided a case, Automotive Industries Pension Trust Fund v. Toshiba Corp., in which the Circuit court considered the application of the Supreme Court’s territoriality standard in the Morrison v....more

Mintz - Securities Litigation Viewpoints

Ninth Circuit Holds Transactions in Unsponsored ADRs Can Be “Domestic” Under Morrison

The Toshiba Securities Litigation stems from alleged violations of the Exchange Act, as well as the Financial Instruments and Exchange Act of Japan, against Toshiba Corp., in connection with its alleged accounting fraud and...more

Mintz - Securities Litigation Viewpoints

Federal Court Declines to Exercise Jurisdiction Over Toshiba Despite Over-the-Counter ADS Sales in the United States

Ever since the Supreme Court issued its opinion in Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010), courts have been making their own interpretations of what Morrison means for whether certain transactions are...more

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