Recent Posts

Rare Securities Suit Trial Produces Jury Verdict Against Former Longtop Financial CFO
Posted on 24 Nov 2014 by Kevin M. LaCroix

On November 21, 2014, after a securities class action trial that lasted less than three days and after less than a day of deliberation, an eight-person jury entered a verdict holding former Longtop Financial Technologies CFO Derek Palaschuk liable for... Read More

Tesco Accounting Scandal Draws Securities Class Action Lawsuit
Posted on 27 Oct 2014 by Kevin M. LaCroix

When Tesco PLC announced on September 22, 2014 that its previously forecast first-half profit had been overstated by £250 ($408.8 million), the news of the accounting irregularities was “serious,” as Tesco PLC’s CEO of less than... Read More

Arguments to Keep the Fraud on Market Theory, and Thinking About a World Without It
Posted on 4 Feb 2014 by Kevin M. LaCroix

As the March 5, 2014 date for oral argument before the United States Supreme Court in the closely-watched Halliburton case approaches, the briefing process in the case has continued to unfold. On January 29, 2014, the Erica P. John Fund, the respondent... Read More

Facts, Opinions, Omissions, and Context: The U.S. Supreme Court Issues Omnicare Opinion
Posted on 25 Mar 2015 by Kevin M. LaCroix

In a March 24, 2015 opinion in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund ( here ), the U.S. Supreme Court set aside the Sixth Circuit’s ruling that allegations of “objective falsity” were sufficient... Read More

Lehman Execs Seek $90 Million in D&O Insurance for Securities Suit Settlement
Posted on 26 Aug 2011 by Kevin M. LaCroix

In a development that undoubtedly will attract comment and controversy, fourteen former Lehman Brothers executives--including former Lehman Chairman and CEO Dick Fuld --have reached an agreement to settle the consolidated securities class action litigation... Read More

Another Accounting Scandal-Related Securities Suit
Posted on 31 Oct 2014 by Kevin M. LaCroix

Earlier this week I wrote about the accounting scandal that has hit the UK-based grocer, Tesco, and the securities class action lawsuit against the company that followed in its wake. Now another company has reported accounting irregularities – and... Read More

Calculating Damages in Securities Class Action Lawsuits
Posted on 25 Nov 2014 by Kevin M. LaCroix

Because securities class action lawsuits under Section 10 of the Securities Exchange Act of 1934 and Rule 10b-5 so rarely go to trial (a topic I addressed in a recent post, here ), questions about how damages are calculated are not often addressed directly... Read More

M&A Suits Drive First Quarter Securities Litigation Activity
Posted on 1 Apr 2011 by Kevin M. LaCroix

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... Read More

Securities Suits Hit Companies Using Stock Promoters
Posted on 24 Apr 2015 by Kevin M. LaCroix

When plaintiffs’ lawyers filed a complaint against the company earlier this week, Cellular Biomedicine Group became the latest firm to be hit with a securities class action lawsuit relating to the company’s alleged use of a stock promotion... Read More

New Supreme Court Case Could Have Huge Impact on Class Action Litigation
Posted on 1 May 2015 by Kevin M. LaCroix

On April 27, 2015, in a development that could have significant implications for a wide variety of class action lawsuits, the United States Supreme Court granted the petition of for a writ of certiorari of online search firm Spokeo. The cert grant sets... Read More

NERA Releases Canadian Securities Class Action Litigation Report
Posted on 11 Feb 2015 by Kevin M. LaCroix

The number of securities class action lawsuit filed in Canada during 2014 was consistent with the recent annual average number of filings, and because case filings exceeded case resolutions, the aggregate total of unresolved class actions continued to... Read More

Advisen Report: Declining Corporate and Securities Litigation Filings Continued in Second Quarter, But Most Recent Quarterly Trend May be Upward
Posted on 16 Jul 2015 by Kevin M. LaCroix

The recent annual trend toward declining numbers of corporate and securities lawsuit filings continued in the first half and second quarter of 2015, although second quarter activity did increase slightly compared to the prior quarter, according to a report... Read More

The Sins of the Past: Ninth Circuit Revives BP’s Prudhoe Bay Oil Spill Securities Suit
Posted on 17 Feb 2014 by Kevin M. LaCroix

In a February 8, 2014 article entitled “A Shrunken Giant” ( here ), the Economist magazine examined BP’s efforts to regain its footing after the disastrous April 2010 Deepwater Horizon explosion and oil spill . The article concludes... Read More

The Developing Phenomenon of Trade Sanction-Related Follow-On Civil Litigation
Posted on 31 Jul 2015 by Kevin M. LaCroix

In the latest example of a case where alleged violations of U.S. trade sanction laws have led to a follow-on civil lawsuit, on July 28, 2015, a plaintiff shareholder filed a securities class action lawsuit against VASCO Data Security International and... Read More

O.K., So Here’s the First Ebola Outbreak-Related D&O Lawsuit
Posted on 28 Oct 2014 by Kevin M. LaCroix

Like everyone else, I have been following the Ebola outbreak news with a mixture of horror and fascination. I never in a million years imagined that I would have occasion to write about the Ebola outbreak on this blog. Perhaps due to a lack of imagination... Read More