LexisNexis® Legal Newsroom
Mealey's Securities/D&O Liability - High Court Vacates Ruling In Securities Suit, Remands For Further Review

WASHINGTON, D.C. - The U.S. Supreme Court on June 8 granted a petition for writ of certiorari in a securities class action lawsuit seeking determination of whether, pursuant to Section 11 of the Securities Act of 1933, a plaintiff must show not only that an opinion contained false and misleading statements...

Mealey's Securities/D&O Liability - 9th Circuit Panel Affirms Dismissal Of Claims In Securities Class Action

PASADENA, Calif. - A federal judge in California did not err in dismissing claims in a securities class action lawsuit because the lead plaintiff in the action failed to plead a material misrepresentation or scienter, a Ninth Circuit U.S. Court of Appeals panel ruled June 5 (Fresno County Employees'...

Mealey's Securities/D&O Liability - Judge Grants Preliminary Approval Of $1.95M Securities Class Action Settlement

BROOKLYN, N.Y. - A federal judge in New York on June 5 adopted a federal magistrate's report and recommendation that the federal judge grant preliminary approval of a settlement in a securities class action lawsuit, ruling that adopting the report and recommendation was proper because neither party...

Mealey's Securities/D&O Liability - Judge Denies Motion For Reconsideration In Securities Class Action

NEW YORK - A federal judge in New York on June 5 denied motions for reconsideration filed by defendants in a securities class action lawsuit, ruling that the defendants' arguments fail as a matter of law (In re BioScrip Inc. Securities Litigation, No. 13-6922, S.D. N.Y.; 2015 U.S. Dist. LEXIS 73484...

Mealey's Securities/D&O Liability - JPMDL Consolidates Alibaba Securities Suits In New York Federal Court

WASHINGTON, D.C. - The Judicial Panel on Multidistrict Litigation on June 9 transferred two securities class action lawsuits to the U.S. District Court for the Southern District of New York and consolidated the actions with four similar actions already filed in the District Court, ruling that the actions...

Mealey's Securities/D&O Liability - Panel: Judge Properly Rejected Objection To Securities Settlement

NEW YORK - A federal district court did not err in rejecting a shareholder's objection to a securities class action lawsuit settlement because the settlement notice was adequate and the attorney fee award was "acceptable," a Second Circuit U.S. Court of Appeals panel ruled June 10 (J. Robert...

Mealey's Securities/D&O Liability - Panel: Court Did Not Err In Finding Amendment Futile In Securities Suit

NEW YORK - A federal judge did not err in denying lead plaintiffs the chance to amend their complaint in a securities class action lawsuit because amendment was futile, a Second Circuit U.S. Court of Appeals panel ruled June 15 (NECA-IBEW Pension Trust Fund, et al. v. Kenneth D. Lewis, et al., No. 14...

Mealey's Securities/D&O Liability - Judge Grants Motion To Expand Class Period In Securities Class Action

LAS VEGAS - Lead plaintiffs in a securities class action have properly shown that expanding the class period is proper pursuant to U.S. Supreme Court precedent and Federal Rule of Civil Procedure 23(b)(3), a federal judge in Nevada ruled June 15 (Frank J. Fosbre Jr. v. Las Vegas Sands Corp., et al.,...

Mealey's Securities/D&O Liability - Judge: Federal Securities Law Claims In Angie's List Class Action Are Too Vague

INDIANAPOLIS - Dismissal of claims in a securities class action lawsuit is proper, a federal judge in Indiana ruled June 18, because the lead plaintiff's securities fraud claims "are simply too vague and attenuated to withstand the heightened pleading requirements" (Eva and Harold Baron...

Mealey's Securities/D&O Liability - Judge: Bifurcation Of Discovery In Securities Suit Will Lead To Delays

FAYETTEVILLE, Ark. - A federal judge in Arkansas on June 19 denied a motion to sequence class and merits discovery in a securities class action lawsuit, ruling that staying discovery will lead to "further delays and complications" in the litigation (City of Pontiac General Employees' Retirement...

Mealey's Securities/D&O Liability - Panel: Judge Properly Held That Investor Failed To Properly Plead Scienter

NEW YORK - A federal district court did not err in dismissing a securities class action lawsuit because the lead plaintiff failed to properly plead scienter and failed to show that a number of his claims were subject to equitable tolling, a Second Circuit U.S. Court of Appeals panel ruled June 23 (In...

Mealey's Securities/D&O Liability - Federal Judge Sends Securities Class Action Back To State Court

SAN JOSE, Calif. - Remand of a securities class action suit to state court is proper because the defendants were prohibited from removing the action to federal court in the first place, a federal judge in California ruled June 25 (Alexander Liu v. Xoom Corp., et al., No. 15-0602, N.D. Calif.; 2015 U...

Mealey's Securities/D&O Liability - High Court To Hear Appeal Of 3rd Circuit 'Naked' Short Selling Securities Suit

WASHINGTON, D.C. - The U.S. Supreme Court on June 30 agreed to hear an appeal of a Third Circuit U.S. Court of Appeals ruling remanding a securities class action lawsuit over the alleged illegal "naked" short selling of a company's stock back to state court Merrill Lynch, Pierce, Fenner...

Mealey's Securities/D&O Liability - High Court Won't Hear Appeal In Qualified Immunity Defense Suit

WASHINGTON, D.C. - The U.S. Supreme Court on June 29 denied a defendant's request to review an 11th Circuit U.S. Court of Appeals ruling affirming denial his qualified immunity motion to dismiss a Securities and Exchange Commission lawsuit (Michael Boudreaux v. Securities and Exchange Commission...

Mealey's Securities/D&O Liability - Weatherford International To Pay $120M To Settle Claims In Securities Suit

NEW YORK - An oil and gas industry products provider has agreed to a $120 million settlement of claims with investors that it violated provisions of federal securities laws by misrepresenting the company's business and financial condition, according to a press release issued July 1 (Glenn Freedman...

Mealey's Securities/D&O Liability - Alleged Misrepresentations In Securities Suit Were Forward-Looking, Panel Rules

ST. LOUIS - A federal district court did not err in dismissing a federal securities class action lawsuit because the alleged misrepresentations cited by the lead plaintiffs were forward-looking and protected by the Private Securities Litigation Reform Act's (PSLRA) safe-harbor provision, an Eighth...

Mealey's Securities/D&O Liability - Judge: Newman Does Not Apply To Insider Trading Claims Against Gupta

NEW YORK - A federal judge in New York on July 2 denied former Goldman Sachs Group Inc. Director Rajat K. Gupta's motion to vacate his sentence on criminal charges stemming from his role in a massive insider trading scheme, ruling that the Second Circuit U.S. Court of Appeals' ruling in United...

Mealey's Securities/D&O Liability - Judge Trims Claims, Compels Arbitration In Securities Class Action

NEW YORK - A federal judge in New York on July 9 granted in part and denied in part a motion to dismiss filed by defendants in a securities class action, ruling that shareholders failed to properly plead particular claims and that another claim was barred by the statute of repose (In re Petrobas Securities...

Mealey's Securities/D&O Liability - Judge Substantially Denies Motion To Dismiss In Securities Class Action

NASHVILLE, Tenn. - A federal judge in Tennessee on July 10 substantially denied a motion to dismiss filed by defendants in a securities class action lawsuit, ruling that the lead plaintiff in the action properly pleaded the elements of his federal securities law claims (William E. Burges, et al. v. BancorpSouth...

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

CHICAGO - A federal judge in Illinois on July 10 substantially dismissed a shareholder class action lawsuit against Navistar International Corp. and certain of its officers and directors, ruling that the lead plaintiff in the action failed to plead an actionable misrepresentation or scienter (Construction...

Mealey's Securities/D&O Liability - Federal Judge Appoints Lead Plaintiffs, Lead Counsel In Securities Class Action

NEW YORK - A federal judge in New York on July 16 granted the motion of a group of union pension funds for appointment as lead plaintiffs and for appointment of lead counsel in a securities class action, accepting a magistrate judge's report and recommendation (R&R) calling for the motion to...

Mealey's Securities/D&O Liability - J.P. Morgan To Pay $388M To Settle Federal Securities Fraud Claims

NEW YORK - J.P. Morgan Chase & Co. on July 17 agreed pay $388 million to settle claims that it violated provisions of federal securities law by misrepresenting the investment quality of certain mortgage-backed securities it sold to investors, according to court documents filed in New York federal...

Mealey's Securities/D&O Liability - Class Certified In Halliburton Securities Class Action Lawsuit

DALLAS - A federal judge in Texas on July 25 granted in part an investor's motion for class certification in a securities class action lawsuit, ruling that the investor has properly pleaded a corrective disclosure that led to a price impact on the part of Halliburton Co. and its former CEO with regard...

Mealey's Securities/D&O Liability - Judge: Pension Fund Failed To Plead Scienter In Securities Class Action

LOS ANGELES - A federal judge in California on July 28 granted a motion to dismiss filed by defendants in a securities class action lawsuit, ruling that a pension fund failed to properly plead scienter as statutorily required (In re Herbalife Ltd. Securities Litigation, No. 14-2850, C.D. Calif.).

Mealey's Securities/D&O Liability - Report: Securities Class Action Filings Below Average In First Half Of 2015

BOSTON - Although securities class action filings in the first half of 2015 were up over the number of filings from first half of 2014, the number of filings overall still remains below historical semiannual averages, according to a report filed July 29 by economic and financial analysis provider Cornerstone...