Mealey's Securities/D&O Liability - Judge: Lead Plaintiff Failed To Plead Securities Claims With Particularity

SEATTLE - A federal judge in Washington on Oct. 6 granted motions to dismiss filed by defendants in a securities class action lawsuit, ruling that the lead plaintiff in the action lacks standing to bring certain claims and has failed to plead materiality and falsity with particularity for others (In...

Mealey's Securities/D&O Liability - Judge Denies Interlocutory Appeal In Securities Class Action Lawsuit

NEW YORK - Defendants in a securities class action have failed to show that interlocutory appeal is appropriate because, among other things, they have not shown that any controlling question of law exists, a federal judge in New York ruled Oct. 7 (In re Goldman Sachs Group Inc. Securities Litigation...

Mealey's Securities/D&O Liability - Retirement Plan Named Lead Plaintiff In Securities Class Action Lawsuit

BOSTON - A federal judge in Massachusetts on Oct. 8 named a union retirement plan as lead plaintiff in a securities class action lawsuit against a biotechnology firm and certain of its current and former officers and directors, ruling that the retirement plan has met all statutory guidelines to become...

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

CINCINNATI - Although a lead plaintiff in a securities class action lawsuit properly pleaded a material misrepresentation and omission, it has failed to plead scienter and dismissal of its claims was proper, a Sixth Circuit U.S. Court of Appeals panel ruled Oct. 10 (In re Omnicare Inc. Securities Litigation...

Mealey's Securities/D&O Liability - Judge Rejects Motion To Vacate Ruling In Securities Class Action Lawsuit

NEW YORK - A federal judge in New York on Oct. 13 rejected lead plaintiffs' motion in a securities class action lawsuit to vacate a previous ruling based on their finding of new evidence, finding that the lead plaintiffs failed to bring the evidence at the time of the defendants' motion for reconsideration...

Mealey's Securities/D&O Liability - Investors Failed To Plead Demand Futility In Derivative Lawsuit, Judge Rules

SALT LAKE CITY - Investors in a shareholder derivative lawsuit have failed to plead demand futility because they have failed to show that a majority of a company's board of directors faces a substantial likelihood of liability, a federal judge in Utah ruled Oct. 9 in granting motions to dismiss ...

Mealey's Securities/D&O Liability - 2nd Circuit Denies Rehearing In Securities Class Action Against Deutsche Bank

NEW YORK - A Second Circuit U.S. Court of Appeals panel on Oct. 16 denied a motion for rehearing or, in the alternative, rehearing en banc in a securities class action against Deutsche Bank AG (DB) and certain of its subsidiaries and others, which were alleged to have misrepresented DB's exposure...

Mealey's Securities/D&O Liability - Judge: Board Did Not Act In Bad Faith In Denying Investor's Demand Letter

NEWARK, N.J. - A federal judge in New Jersey on Oct. 17 dismissed a shareholder derivative lawsuit, ruling that a company's board of directors did not act in bad faith or fail to properly investigate claims made when it denied an investor's demand letter (Dennis Palkon v. Stephen P. Holmes, et...

Mealey's Securities/D&O Liability - 11th Circuit: Shareholder Lacks Standing To Appeal Federal Securities Law Claims

ATLANTA - A shareholder in a securities class action lawsuit lacks standing to appeal dismissal of a federal securities law claim because it failed to bring the claim in federal district court, an 11th Circuit U.S. Court of Appeals panel ruled Oct. 24 (Greenfield Children's Partnership, et al. v...

Mealey's Securities/D&O Liability - Shareholders Failed To Properly Plead Scienter, Federal Judge Rules

BOSTON - Dismissal of a securities class action lawsuit is proper because shareholders have failed to properly plead the elements of scienter with regard to a company and certain of its executive officers, a federal judge in Massachusetts ruled Oct. 28 (Ryan M. Smith, et al. v. The First Marblehead Corp...

Mealey's Securities/D&O Liability - Securities Class Action Suit Dismissed After Investors Fail To Amend Complaint

SEATTLE - A federal judge in Washington on Oct. 30 dismissed a securities class action lawsuit against a breast cancer detection device maker and certain of its officers and directors in its entirety, ruling that shareholders failed to file an amended complaint within the timeframe set by the court ...

Mealey's Securities/D&O Liability - High Court Hears Oral Arguments In Securities Class Action Lawsuit

WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 3 heard oral arguments in an appeal of a Sixth Circuit U.S. Court of Appeals ruling for a securities class action lawsuit where the parties seek a determination as to the proper pleading standard of Section 11 of the Securities Act of 1933 (Omnicare Inc...

Mealey's Securities/D&O Liability - Judge Certifies Class In Hot Topic Securities Class Action Lawsuit

LOS ANGELES - A federal judge in California on Nov. 3 certified a class of investors in a securities class action lawsuit against a clothing company and others over a merger deal, ruling that the lead plaintiff in the action has met all statutory guidelines for class certification (In re Hot Topic Inc...

Mealey's Securities/D&O Liability - Judge Denies Reconsideration In Securities Suit Related To Madoff Ponzi Scheme

NEW YORK - A federal judge in New York on Nov. 6 refused to reconsider his previous ruling in a shareholder derivative lawsuit dismissing the suit for failure to plead demand futility, ruling that no clear error in favor of reconsideration exists (Central Laborers' Pension Fund, et al. v. James Dimon...

Mealey's Securities/D&O Liability - 3rd Circuit Panel Remands Securities Suit To New Jersey State Court

PHILADELPHIA - A federal district court erred in ruling that a securities lawsuit should not be remanded to state court because no federal question jurisdiction exists over the lawsuit, a Third Circuit U.S. Court of Appeals panel ruled Nov. 10 (Gregg Manning, et al. v. Merrill Lynch Pierce Fenner &...

Mealey's Securities/D&O Liability - High Court Denies Certiorari In Insider Trading Suit; Justice Writes Statement

WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 10 declined review of an insider trading conviction, and Justice Antonin Scalia issued a three-page statement asking for a case to be brought to the Supreme Court that addresses the extent of the Securities and Exchange Commission's power to interpret...

Mealey's Securities/D&O Liability - Feeder Funds To Pay Nearly $500M To Madoff Liquidation Trustee

NEW YORK - Two feeder funds of Bernard L. Madoff Investment Securities LLC (BLMIS) will pay nearly $500 million to settle all claims associated with their role in Madoff's massive Ponzi scheme, according to court documents filed Nov. 17 in New York federal bankruptcy court (Securities Investor Protection...

Mealey's Securities/D&O Liability - Judge: Lead Plaintiffs Failed To Plead Misleading Facts In Securities Suit

SAN FRANCISCO - Lead plaintiffs in a securities class action lawsuit have failed to plead any false or misleading statements in arguing that Tesla Motors Inc. and its CEO misrepresented the risk of fire in Tesla's Model S car in violation federal securities law, a California federal judge ruled Dec...

Mealey's Securities/D&O Liability - 2nd Circuit Panel Overturns Insider Trading Convictions

NEW YORK - A Second Circuit U.S. Court of Appeals panel on Dec. 10 reversed two insider trading convictions, ruling that a federal district court erred in determining that the evidence provided was sufficient to sustain a guilty verdict (United States of America v. Todd Newman, et al., Nos. 13-1837 and...

Mealey's Securities/D&O Liability - 7th Circuit Panel Affirms Settlement In Securities Class Action Lawsuit

CHICAGO - A federal district court did not abuse its discretion in approving a securities class action settlement, a Seventh Circuit U.S. Court of Appeals panel ruled Dec. 9 in affirming the district court's ruling (Linda Wong v. Accretive Health Inc., et al., No. 14-2191, 7th Cir.; 2014 U.S. App...

Mealey's Securities/D&O Liability - Judge: Shareholder Failed To Plead Loss Causation In Securities Class Action

SAN DIEGO - Dismissal of a securities class action complaint is warranted, a federal judge in California ruled Dec. 9, because the lead plaintiff failed to plead loss causation, falsity or scienter in making his federal securities law claims (Brad Mauss v. NuVasive Inc., et al., No. 13-2005, S.D. Calif...

Mealey's Securities/D&O Liability - Judge Sets Status Conference To Discuss Effect Of Newman On Insider Trading Case

NEW YORK - A federal judge in New York on Dec. 11 set a status conference in an insider trading lawsuit to determine whether the Second Circuit U.S. Court of Appeals' ruling in U.S. v. Newman has any effect on the guilty plea entered by one of the defendants (United States of America v. Daryl Payton...

Mealey's Securities/D&O Liability - Lead Plaintiffs Failed To Plead Scienter In Securities Class Action

NEW YORK - Dismissal of federal securities law claims against a defendant in a securities class action lawsuit is warranted, a federal judge in New York ruled Dec. 10, because the lead plaintiff failed to properly plead scienter (In re China North East Petroleum Holdings Limited Securities Litigation...

Mealey's Securities/D&O Liability - Panel: Investors Failed To Plead Scienter, Loss Causation In Securities Suit

SAN FRANCISCO - A federal judge did not err in dismissing a federal securities class action lawsuit because lead plaintiffs failed to plead scienter and loss causation, a Ninth Circuit U.S. Court of Appeals panel ruled Dec. 16 (Oregon Public Employees Retirement Fund, et al. v. Apollo Group Inc., et...

Mealey's Securities/D&O Liability - Reconsideration Denied In Securities Lawsuit Against Medical Device Company

SAN JOSE, Calif. - A federal judge in California on Dec. 15 denied a motion for reconsideration filed by defendants in a securities class action lawsuit, ruling that they have failed to show how two Ninth Circuit U.S. Court of Appeals decisions would change the outcome in the instant action (In re Intuitive...