LexisNexis® Legal Newsroom
Mealey's Securities/D&O Liability - Judge Appoints Lead Plaintiff, Lead Counsel In Securities Class Action

NEW YORK - A federal judge in New York on March 23 appointed an institutional investor as lead plaintiff in a consolidated securities class action lawsuit, ruling that the investor has met all statutory requirements for serving as lead plaintiff (Woburn Retirement System v. Salix Pharmaceutical Ltd....

Mealey's Securities/D&O Liability - Shareholders Failed To Plead Scienter Against Officer, Auditor, Panel Rules

ATLANTA - A federal judge did not err in dismissing claims in a securities class action lawsuit against a company's executive officer and outside auditor because lead plaintiffs in the action failed to properly plead scienter, an 11th Circuit U.S. Court of Appeals panel ruled March 25 (Christopher...

Mealey's Securities/D&O Liability - Judge: Lead Plaintiff Properly Pleaded Elements Of Securities Law Claim

OAKLAND, Calif. - Dismissal of a securities class action lawsuit is not proper because the lead plaintiff has properly pleaded each of all elements of his federal securities law claims against an online social media game developer and certain of its officers and directors, a federal judge in California...

Mealey's Securities/D&O Liability - Judge: Investors Failed To Properly Plead Scienter Against Company's Officers

MINNEAPOLIS - Shareholders in a securities class action lawsuit have failed to plead scienter in making their federal securities law claims, a federal judge in Minnesota ruled March 25 in dismissing the shareholders' amended complaint (Rand-Hart of New York Inc., et al. v. James P. Dolan, et al....

Mealey's Securities/D&O Liability - Shareholders Failed To Plead Auditor Scienter In Securities Suit, Panel Rules

NEW YORK - A federal district court judge did not err in denying shareholders' motion for leave to amend their securities class action complaint because they failed to plead auditor scienter, a Second Circuit U.S. Court of Appeals panel ruled March 25 (In re Advanced Battery Technologies Inc., et...

Mealey's Securities/D&O Liability - High Court Grants Review In Securities Suit, Remands In Light Of Omnicare

WASHINGTON, D.C. - The U.S. Supreme Court on March 30 granted a petition for writ of certiorari in a securities class action lawsuit but remanded the action to a federal circuit court for further consideration in light of the Supreme Court's recent ruling in Omnicare Inc. v. Laborers District Council...

Mealey's Securities/D&O Liability - High Court Declines Review Of Madoff Feeder Fund Suit

WASHINGTON, D.C. - The U.S. Supreme Court on March 30 said it will not hear an appeal of a Second Circuit U.S. Court of Appeals ruling in a securities class action lawsuit where an investor sought determination of whether the claims made are preempted under the Securities Litigation Uniform Standards...

Mealey's Securities/D&O Liability - Judge: Investors Failed To Plead Misrepresentations In Securities Class Action

BOSTON - Dismissal of an amended securities class action complaint is proper because shareholders have failed to plead any actionable misstatement in making their federal securities law claims, a federal judge in Massachusetts ruled March 31 (Mark A. Corban v. Sarepta Therapeutics Inc., et al., No. 14...

Mealey's Securities/D&O Liability - Judge Grants Preliminary Approval Of $25M Securities Class Action Settlement

SAN JOSE, Calif. - A federal judge in California on March 31 granted preliminary approval of a nearly $25 million securities class action settlement, ruling that the settlement has met all statutory requirements for approval (In re Celera Corp. Securities Litigation, No. 10-2604, N.D. Calif.; 2015 U...

Mealey's Securities/D&O Liability - 2nd Circuit Won't Rehear U.S. Appeal In Insider Trading Case

NEW YORK - In a one-page order, the Second Circuit U.S. Court of Appeals on April 3 denied U.S. Attorney for the Southern District of New York Preet Bharara's petition for rehearing of the court's ruling overturning the conviction of an inside trader (United States of America v. Todd Newman,...

Mealey's Securities/D&O Liability - Application Exclusion Bars Professional Liability Coverage, California Panel Says

LOS ANGELES - A California appeals panel on April 10 affirmed a lower court's ruling that a professional liability insurance policy's application exclusion precludes coverage for claims made against a securities broker-dealer insured involving an alleged real estate investment Ponzi scheme, finding...

Mealey's Securities/D&O Liability - Report: Halliburton Had Little Effect On Securities Class Actions In 2014

NEW YORK - The U.S. Supreme Court's ruling in Halliburton v. Erica P. John Fund (134 S. Ct. 2398 [2014]) had little effect on securities class action litigation in 2014 "in terms of number and types of cases being filed," according to a report released on April 10 by PricewaterhouseCoopers...

Mealey's Securities/D&O Liability - Split 2nd Circuit Panel Affirms Dismissal Of Securities Class Action

NEW YORK - A divided Second Circuit U.S. Court of Appeals panel on April 15 affirmed a federal district court's dismissal of a securities class action lawsuit, ruling that shareholders failed to state a claim for relief (IBEW Local Union No. 58 Pension Trust Fund and Annuity Fund v. The Royal Bank...

Mealey's Securities/D&O Liability - U.S. Supreme Court Declines Review Of Gupta Insider Trading Conviction

WASHINGTON, D.C. - The U.S. Supreme Court on April 20 declined review of the conviction of former Goldman Sachs Group Inc. Director Rajat K. Gupta on criminal charges stemming from his role in a massive insider trading scheme (United States of America v. Rajat Gupta, No. 11-cr-0907, S.D. N.Y.).

Mealey's Securities/D&O Liability - Parties Reach $30M Settlement In Securities Class Action Lawsuit

NEW YORK - Shareholders and an electronic manufacturing services provider and certain of its executive officers have agreed to a $30 million settlement on claims that the defendants misrepresented the company's earnings, profitability and financial outlook in violation of federal securities laws...

Mealey's Securities/D&O Liability - Summary Judgment, Daubert Motions Partly Granted In Securities Audit Dispute

PHILADELPHIA - Disposing of two of a plaintiff's claims against an accounting firm, a Pennsylvania federal judge on April 20 granted in part the defendant's summary judgment, while mostly denying its motion to exclude the opinions of the plaintiff's expert witness in a lawsuit over securities...

Mealey's Securities/D&O Liability - Judge Substantially Trims Claims In Securities Class Action Lawsuit

NEW YORK - A federal judge in New York on April 24 substantially dismissed federal claims in a securities class action lawsuit, ruling that shareholders failed to plead an actionable misstatement, scienter and loss causation in making a number of their claims (Barbara Strougo v. Barclays plc, et al....

Mealey's Securities/D&O Liability - Judge Won't Reconsider Dismissal Of Federal Securities Law Claims

OAKLAND, Calif. - Reconsideration of a securities class action ruling denying a motion to dismiss filed by a corporation and certain of its executive officers is not proper because the lead plaintiff in the action properly pleaded his claims for violation of federal securities laws, a federal judge in...

Mealey's Securities/D&O Liability - Lead Plaintiff In Securities Class Action Failed To Plead Scienter, Judge Rules

SAN JOSE, Calif. - Dismissal of a securities class action lawsuit is proper, a federal judge in California ruled April 27, because the lead plaintiff in the action failed to properly plead scienter in stating his federal securities law claims (Tai Jan Bao, et al. v. SolarCity Corp., et al., No. 14-1435...

Mealey's Securities/D&O Liability - Panel: Lead Plaintiffs In Securities Suit Failed To Plead Loss Causation

ATLANTA - A federal district court judge did not err in dismissing a securities class action lawsuit because, despite having numerous opportunities to amend their complaint, the lead plaintiffs still failed to properly plead loss causation, a divided 11th Circuit U.S. Court of Appeals panel ruled May...

Mealey's Securities/D&O Liability - Judge: Investors' Claims Duplicative, Derivative Of Madoff Trustee Suit

NEW YORK - A federal bankruptcy court did not err in preventing investors from filing a second amended complaint in a lawsuit connected to Bernard L. Madoff's massive Ponzi scheme, because investors' claims were duplicative and derivative of a suit already brought by Madoff's liquidation...

Mealey's Securities/D&O Liability - Judge Denies Leave To Amend In Securities Class Action Lawsuit

COVINGTON, Ky. - A federal judge in Kentucky on May 12 denied a lead plaintiff's motion to alter or amend its judgment or grant leave to amended a complaint in a securities class action lawsuit, ruling that amendment is not proper because the lead plaintiff failed to formally request leave to amend...

Mealey's Securities/D&O Liability - New York Federal Judge Won't Allow Investors To Depose Madoff

NEW YORK - A federal judge in New York on May 11 denied a petition to depose convicted Ponzi scheme mastermind Bernard L. Madoff, ruling that investors who lost their life savings in Madoff's massive Ponzi scheme have failed to meet the statutory requirements for filing such a petition (Susanne Stone...

Mealey's Securities/D&O Liability - Judge: Lead Plaintiffs Failed To Plead Actionable Misstatement, Scienter

KANSAS CITY, Kan. - A federal judge in Kansas on May 14 dismissed a securities class action complaint, ruling that lead plaintiffs in the action failed to plead an actionable misstatement and scienter in making their federal securities law claims (Wayne E. Anderson v. Spirit AeroSystems Holdings Inc...

Mealey's Securities/D&O Liability - High Court Says Trust Law Informs Limitations Question In Imprudent Retention Case

WASHINGTON, D.C. - The U.S. Supreme Court ruled in a unanimous opinion on May 18 that the Ninth Circuit U.S. Court of Appeals erred in holding that Employee Retirement Income Security Act Section 413(1) bars breach of fiduciary duty claims based on the fiduciaries' initial selection of plan investments...