LexisNexis® Legal Newsroom
Mealey's Securities/D&O Liability - Federal Judge Denies Securities Broker's Motion To Bar Expert Testimony

WEST PALM BEACH, Fla. - An expert is qualified to testify regarding a rule under Financial Regulatory Authority Inc. (FINRA), a Florida federal judge ruled April 14, denying a motion to exclude filed by a securities broker-dealer (UBS Financial Services Inc. v. Bounty Gain Enterprises Inc., No. 14-81603...

Mealey's Securities/D&O Liability - Supreme Court Hears Oral Argument In American Pipe Tolling Challenge

WASHINGTON, D.C. - The U.S. Supreme Court on April 17 heard oral arguments in an appeal of a Second Circuit U.S. Court of Appeals ruling affirming that shareholders that filed a securities class action lawsuit after opting out of settlement class against the same defendants were barred from doing so...

Mealey's Securities/D&O Liability - High Court Hears Oral Arguments In Appeal Of SEC Enforcement Action Ruling

WASHINGTON, D.C. - The U.S. Supreme Court on April 18 heard oral arguments in an appeal of a 10th Circuit U.S. Court of Appeals ruling that determined that disgorgement is not a penalty or forfeiture pursuant to 28 U.S. Code Section 2462, U.S.C. 2462, and thus, is not subject to a five-year statute of...

Mealey's Securities/D&O Liability - Harman International To Pay More Than $28M To Settle Securities Class Action Suit

WASHINGTON, D.C. - Audio products and electronic systems manufacturer Harman International Industries Inc. will pay more than $28 million to settle claims that it and certain of its current and former executive officers concealed issues with the company's line of personal navigation devices (PND...

Mealey's Securities/D&O Liability - Investor Sues Emergency Room Operator Over Alleged Misrepresentations

TYLER, Texas - A shareholder filed a securities class action lawsuit on April 27 in Texas federal court, alleging that an operator of a network of free-standing emergency rooms and certain of its current and former executive officers and directors misrepresented the company's business condition in...

Mealey's Securities/D&O Liability - Judge: Investor Pleaded Actionable Misstatements In Securities Class Action

SAN DIEGO - Defendants in a securities class action lawsuit against a drug company and certain of its current and former executive officers have failed to show that the lead plaintiff failed to plead any material misrepresentations or omissions in arguing that the defendants concealed adverse clinical...

Mealey's Securities/D&O Liability - Investor Failed To Plead Securities Claims In GoPro Class Action, Judge Rules

SAN FRANCISCO - The lead plaintiff in a securities class action lawsuit against GoPro Inc. and certain of its current and former executive officers failed to plead any material misrepresentations or omissions or scienter in making his federal securities laws claims, a federal judge in California ruled...

Mealey's Securities/D&O Liability - NCUA Recovers $445M From UBS To Settle MBS Claims

ALEXANDRIA, Va. - UBS Securities LLC will pay $445 million to the National Credit Union Administration (NCUA) to settle claims that UBS sold residential mortgage-backed securities (MBS) to two failed credit unions in violation of federal securities laws, according to an NCUA press release issued May...

Mealey's Securities/D&O Liability - Investor Pleaded Scienter, Loss Causation In Securities Lawsuit, Judge Rules

SAN JOSE, Calif. - A shareholder has shown that defendants in a securities class action lawsuit acted with deliberate recklessness in misrepresenting a company's business and financial condition in violation of federal securities laws, a federal judge in California ruled May 1 in denying the defendants'...

Mealey's Securities/D&O Liability - Credit Suisse Agrees To Pay $400M To Settle NCUA MBS Claims

KANSAS CITY, Kan. - Credit Suisse Securities (USA) LLC will pay $400 million to settle claims with the National Credit Union Administration (NCUA) that is mispresented the investment quality of residential mortgage-backed securities (MBS) it underwrote and sold to three failed credit unions, according...

Mealey's Securities/D&O Liability - Majority Of 10th Circuit Judges Denies Rehearing In SEC ALJ Challenge Suit

DENVER - A majority of the 10th Circuit U.S. Court of Appeals on May 3 denied the Securities and Exchange Commission's petition for rehearing and rehearing en banc, rejecting the commission's argument that a 10th Circuit panel erred in holding that the SEC's administrative law judges (ALJs...

Mealey's Securities/D&O Liability - Partial Stay Of Notice Recommended In Big Lots Securities Class Action

COLUMBUS, Ohio - A federal magistrate judge in Ohio on May 4 recommended that a motion to stay dissemination of class notice in a securities class action lawsuit against broad line closeout retailer Big Lots Inc. and certain of its executive officers be partially granted, ruling that class representative...

Mealey's Securities/D&O Liability - Parties Seek Joint Stay In Securities Suit To Negotiate $97.5M Settlement

TYLER, Texas - Shareholders and defendants in a securities class action lawsuit against retailer JCPenney Co. Inc. and certain of its executive officers have provisionally agreed to a $97.5 million settlement on claims that the defendants misrepresented the company's business and financial condition...

Mealey's Securities/D&O Liability - Panel Affirms Court's Dismissal Of Securities Suit For Failure To Plead Falsity

SAN FRANCISCO - The lead plaintiff in a securities class action lawsuit against a tech company and certain of its current and former executive officers failed to plead any of the required elements of falsity as required pursuant to the U.S. Supreme Court's ruling in Omnicare Inc., et al. v. The Laborers...

Mealey's Securities/D&O Liability - Judge Grants Preliminary Approval Of $165M Settlement In MBS Suit

NEW YORK - A federal judge in New York on May 9 granted preliminary approval of a $165 million securities class action settlement between shareholders and certain underwriters of mortgage-backed securities (MBS) alleged to have taken part in a fraudulent scheme to misrepresent the underwriting standards...

Mealey's Securities/D&O Liability - Barclays Agrees To Pay More Than $97M To Settle SEC Enforcement Action

WASHINGTON, D.C. - Barclays Capital Inc. will pay more than $97 million to settle claims filed by the Securities and Exchange Commission alleging that the broker-dealer overcharged investors from September 2010 to March 2015 for services not provided, according to an order instituting cease-and-desist...

Mealey's Securities/D&O Liability - Investor Failed To Cure Pleading Issues In LeapFrog Securities Suit, Judge Rules

SAN FRANCISCO - An investor failed to plead falsity or scienter in alleging that LeapFrog Enterprises Inc. and members of its board of directors misrepresented the company's business and financial condition in documents released as part of a proposed merger deal, a federal judge in California ruled...

Mealey's Securities/D&O Liability - Panel: Judge Did Not Engage In Prohibited Fact Finding In Securities Suit

SAN FRANCISCO - A federal judge did not err in dismissing a lead plaintiff's second amended complaint in a securities class action lawsuit against LifeLock Inc. and certain of its executive officers because the lead plaintiff failed to plead any material misrepresentations or omissions in pleading...

Mealey's Securities/D&O Liability - Panel Affirms Dismissal Of Securities Class Action For Failure To Plead Scienter

BOSTON - A federal district court judge did not err in dismissing a shareholder class action lawsuit because the lead plaintiff failed to plead scienter in making its federal securities law claims against a drug maker and certain of its executive officers, a First Circuit U.S. Court of Appeals panel...

Mealey's Securities/D&O Liability - Elements Of Securities Law Claim Properly Pleaded, GoPro Investor Says

OAKLAND, Calif. - Dismissal of an amended securities class action complaint is not proper because the lead plaintiff in the action has properly pleaded an actionable misrepresentation or omission, scienter and loss causation, the lead plaintiff argues in a May 15 opposition brief (Anton Bielousov v....

Mealey's Securities/D&O Liability - Judge: Pension Fund Cured Scienter Pleading Deficiency Against Company, CEO

SAN FRANCISCO - In granting in part and denying in part a motion to dismiss, a federal judge in California on May 17 held that a pension fund has cured its pleading deficiencies and properly shown that a semiconductor producer and its CEO acted with the requisite scienter in misrepresenting the company's...

Mealey's Securities/D&O Liability - Judge: Defendants' Alleged Misrepresentations Not Actionable In Securities Suit

NEWARK, N.J. - Lead plaintiffs in a securities class action lawsuit against a pharmaceutical company and its CEO have failed to plead any material misstatements or omissions in arguing that the defendants misrepresented that the company's new drug was expected to gain U.S. Food and Drug Administration...

Mealey's Securities/D&O Liability - Judge Substantially Denies Motion To Dismiss In IPO Stock Drop Suit

NEW YORK - A pension fund has properly pleaded a majority of its federal securities law claims alleging that a company, certain of its officers and directors and the underwriters of its initial public offering (IPO) concealed from investors that the company was expected to see a tax increase that would...

Mealey's Securities/D&O Liability - Judge Dismisses Securities Claims Related To Allegedly Fraudulent Club Investment

SAN DIEGO - A California federal judge on May 22 dismissed an investor's claims for violation of California's unfair competition law (UCL) and securities laws, finding that he failed to show that he was fraudulently induced into investing in the development of a nightclub (Matthias Mueller v...

Mealey's Securities/D&O Liability - 9th Circuit: Claims Subject To American Pipe Tolling In Securities Class Action

LOS ANGELES - A federal district court erred in holding that claims in a securities class action lawsuit against a Chinese agricultural products manufacturer and certain of its officers and directors were time-barred because the statute of limitations was tolled pursuant to Supreme Court precedent in...