LexisNexis® Legal Newsroom
Merck & Co. v. Reynolds, 2010 U.S. LEXIS 3671 (Apr. 27, 2010)

LexisNexis Overview: "Discovery" of facts that put investors on "inquiry notice" did not automatically begin 28 U.S.C.S. § 1658(b)'s limitations period, and since scienter was a "fact" and an FDA warning letter and products liability suits showed little if nothing...

Morrison v. Nat'l Austl. Bank, 2010 U.S. LEXIS 5257 (June 24, 2010)

LexisNexis Overview: Where foreign shareholders alleged that respondents violated § 10(b) of the Securities and Exchange Act of 1934 and SEC Rule 10b-5 regarding securities traded on foreign exchanges, dismissal was warranted because § 10(b) applied only to transactions in securities...

M&A Suits Drive First Quarter Securities Litigation Activity

Largely as a result of a flood of M&A related lawsuits, there were a significant number of new securities class action lawsuits filed in the first quarter of 2011, and even factoring out the M&A lawsuits, the first three months of the year still represented an active period for securities...

Balancing China’s Interests with Need for Inspections

The current China hot button appears to be a series of meetings between representatives of the Securities and Exchange Commission, the Public Company Accounting Oversight Board, and their counterparts in China. The hope is to convince the PRC government to allow the US regulators to inspect the audits...

Heat Wave Quick Hits

With the temperatures reaching mind-bending levels, we considered it advisable to stay inside, drink plenty of fluids, and limit our exertions. So in lieu of a more elaborate post, we have simply noted some mid-summer quick hits below. Action against U.S.-Listed Chinese Companies Auditors Allowed...

More Woes for Companies with Chinese Connections

SciClone Settles FCPA Follow-on Derivative Suit : In a settlement that involves a company with significant Chinese operations -- and that also may represent something of a template for the settlement of FCPA enforcement follow-on civil lawsuits -- SciClone Pharmaceuticals and the individual defendant...

SciClone FCPA Lawsuit Settlement: New Enhanced Best Practices?

In a story in the D&O Diary , entitled " More Woes for Companies with Chinese Connections ", Kevin LaCroix discussed the settlement reached by the entity SciClone Pharmaceuticals, and its individual defendant directors and officers, in litigation involving three consolidated derivative...

Corporate Governance Overreach by Carlyle?

The Deal Prof looks at The Carlyle Group's proposed IPO and figures it's a corporate governance dud. I agree. Carlyle's Amended and Restated Limited Partnership Agreement ( Appendix A to the S-1A ) has a dispute resolution provision that is reprinted in relevant part below (it's lengthy...

BP Deepwater Horizon Securities Suit, Though Narrowed, Survives Dismissal Motion

In the wake of the disastrous April 2010 Deepwater Horizon oil spill, BP was hit with a wave of litigation from plaintiffs asserting claims of personal injury, wrongful death and property damage. The claimants also included BP shareholders raising allegations that they had been misled regarding BP...

E&Y Settles Ontario Sino-Forest Securities Suit for $117 Million

In what is by far the largest settlement in the current wave of securities litigation involving Chinese companies, Ernst &Young, which served as the outside auditor for Sino-Forest, has agreed to pay C$117 million to settle the securities suit that Sino-Forest investors filed in Ontario against...

Big Award in Chinese Reverse Merger Case

In what appears to be the first actual judgment in the several dozen cases involving allegations of impropriety in cases of Chinese companies that went public in the US, a $77 million arbitration award was granted to a plaintiff in an arbitration case in Hong Kong. AIG CEO Hank Greenberg's...

Securities Suit Against U.S.-Listed Chinese Company Dismissed

In a January 22, 2013 opinion ( here) , Southern District of New York Judge J. Paul Oetken has dismissed one of the many securities class action lawsuits that were filed against U.S.-listed Chinese companies in 2011. Though the primary interest in the case may be that it involves U.S. securities...

Has the "Litigation Funding Moment" Arrived?

In last week's Advisen webinar on 2012 D&O claims trends, one of the audience questions related to the growth and relevance of litigation funding in the U.S. In responding to the question I noted, among other things, the rise of litigation funding outside the U.S., particularly in Australia...

Advisen Releases Third Quarter Corporate and Securities Claims Trends Report

Continuing an recent downward trend, corporate and securities litigation filings during the third quarter declined, both compared to the prior quarter and compared to the third quarter last year, according a new report from Advisen, the insurance information firm. In its report, entitled “D&O...

A Whole Bunch of Interesting Litigation and Enforcement Statistics and Analyses

A single case may involve a host of interesting issues but sometimes the important lessons can only be discerned when many cases are considered collectively. This past week saw the release of some interesting analyses of aggregate litigation and enforcement statistics, each set of which told some interesting...