News & Analysis as of

Toshiba Securities Exchange Act

A&O Shearman

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

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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

Proskauer - Corporate Defense and Disputes

California Federal Court Holds that U.S. Securities Laws Apply to Unsponsored, Unlisted ADRs

The U.S. District Court for the Central District of California held on January 28, 2020 that the federal securities laws apply to U.S. transactions in unlisted, unsponsored American Depositary Receipts (“ADRs”) for a foreign...more

A&O Shearman

Supreme Court Denies Petition For Certiorari In Toshiba, Leaving In Place Arguable Circuit Split Regarding Extraterritorial Reach...

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On June 24, 2019, the United States Supreme Court denied a petition for certiorari to review a decision from the United States Court of Appeals for the Ninth Circuit, which held that a foreign issuer that has no involvement...more

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court Declines to Further Define Morrison’s Domestic Transaction Requirement

The U.S. Supreme Court today denied the petition for certiorari in Toshiba Corp. v. Automotive Industries Pension Trust Fund, No. 18-486 (U.S. Oct. 15, 2018), leaving open the question of the appropriate scope of the...more

A&O Shearman

Supreme Court Seeks Solicitor General's Input On Granting Certiorari For Case Raising The Question Of Whether A Non-U.S. Corporate...

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On January 14, 2019, the United States Supreme Court invited the Solicitor General to file a brief expressing the views of the United States in connection with a pending petition for writ of certiorari regarding whether, in...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

A&O Shearman

Ninth Circuit Reverses Dismissal Of Securities Fraud Class Action And Rules That The Purchase And Sale Of American Depository...

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On July 17, 2018, the United States Court of Appeals for the Ninth Circuit reversed the dismissal of a putative securities class action, which alleged that a technology company (the “Company”) and its current and former chief...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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