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Mealey's Securities/D&O Liability - Investors Appeal Dismissal Of Claims In Securities Class Action To 2nd Circuit

NEW YORK - Shareholders on July 25 filed a notice of appeal in a securities class action lawsuit against a pharmaceutical company and its former CEO, seeking Second Circuit U.S. Court of Appeals review of a federal judge's ruling dismissing the action for failure to plead an actionable misrepresentation...

Mealey's Securities/D&O Liability - Judge: Investors Pleaded Falsity, Scienter In Making Securities Law Claims

BROOKLYN, N.Y. - Dismissal of an amended complaint in a securities class action lawsuit is not proper because the lead plaintiffs have pleaded falsity, materiality and scienter in making their federal securities law claims by arguing that a research manufacturing company and certain of its current and...

Mealey's Securities/D&O Liability - Barclays To Pay $100M To Settle Libor Manipulation Claims

NEW YORK - Barclays Bank PLC and Barclays Capital Inc. will pay $100 million to settle claims with 44 states that they engaged in fraudulent and anti-competitive conduction in manipulating the U.S. Dollar London Interbank Offered Rate (LIBOR) "and other benchmark interest rates," according...

Mealey's Securities/D&O Liability - SEC Administrative Law Judges Not Unconstitutional, D.C. Circuit Panel Rules

WASHINGTON, D.C. - A District of Columbia Circuit U.S. Court of Appeals panel on Aug. 9 held that the Securities and Exchange Commission's appointment of in-house administrative law judges does not violate provisions of the appointments clause of the U.S. Constitution, and the SEC did not abuse its...

Mealey's Securities/D&O Liability - Failure To Cure Pleading Deficiencies Leads To Dismissal Of Securities Suit

SAN JOSE, Calif. - The lead plaintiff in a securities class action lawsuit against a company that sells renewable energy and certain of its executive officers has failed to cure each of the scienter pleading deficiencies in making his claims under federal securities law that resulted in three previous...

Mealey's Securities/D&O Liability - Judge: Lead Plaintiff Failed To Plead Elements Of Federal Securities Law Claim

SAN FRANCISCO - A lead plaintiff in a securities class action lawsuit has failed to plead an actionable misrepresentation, scienter or loss causation in making his federal securities law claims, a federal judge in California ruled Aug. 10 in granting the defendants' motions to dismiss (Likar Rok...

Mealey's Securities/D&O Liability - Panel Reverses Own Ruling In Ponzi Scheme Suit On Guidance From State High Court

NEW ORLEANS - Following guidance from the Texas Supreme Court, a Fifth Circuit U.S. Court of Appeals panel on Aug. 22 affirmed a lower court's ruling that granted summary judgment in favor of The Golf Channel Inc. in a clawback lawsuit stemming from the R. Allen Stanford Ponzi scheme, ruling that...

Mealey's Securities/D&O Liability - 2nd Circuit Remands Securities Class Action For Consideration Of New Evidence

NEW YORK - Although a federal district court did not err in dismissing a federal securities class action complaint against BlackBerry Limited and certain of its former executive officers for failure to plead scienter, it is unclear whether newly discovered evidence submitted by lead plaintiffs was insufficient...

Mealey's Securities/D&O Liability - Lead Plaintiffs Failed To Plead Demand Futility In Shareholder Derivative Suit

OAKLAND, Calif. - A federal judge in California on Aug. 26 granted a motion to dismiss filed by defendants in a shareholder derivative lawsuit, ruling that the lead plaintiffs lacked standing to bring their claims and failed to properly plead demand futility pursuant to the Delaware Supreme Court's...

Mealey's Securities/D&O Liability - Magistrate Judge Recommends That Class Be Certified In Securities Class Action

TYLER, Texas - Determining that a securities class action lawsuit meets the Federal Rules of Civil Procedure 23(a) and 23(b)(2) requirements for class certification, a federal magistrate judge in Texas on Aug. 29 recommended that a class certification motion be granted and a pension fund be appointed...

Mealey's Securities/D&O Liability - Medical Device Maker Seeks Dismissal Of Securities Fraud Class Action Claims

NEW YORK - A securities class action lawsuit against a medical device maker and its CEO should be dismissed because the lead plaintiff has failed to show that the defendants made any material misrepresentations or acted with scienter in statements they made regarding the company's heart pump, the...

Mealey's Securities/D&O Liability - High Court Grants Extension Of Time To File Petition In Best Buy Securities Suit

WASHINGTON, D.C. - The U.S. Supreme Court has granted shareholders a more than a month's extension to file a petition for writ of certiorari in a securities class action lawsuit in which the shareholders are challenging the Eighth Circuit U.S. Court of Appeals' reversal of a lower court's...

Mealey's Securities/D&O Liability - Amici Ask 2nd Circuit To Endorse Price Impact Approach In Securities Suit

NEW YORK - The Second Circuit U.S. Court of Appeals should rule in favor of shareholders in an appeal of a securities class action lawsuit ruling and should require defendants to "show the absence of price impact by a preponderance of evidence" in rebutting a Basic Inc. v. Levinson presumption...

Mealey's Securities/D&O Liability - Infrastructure Assets Design Company Sued For Alleged Securities Law Violations

LOS ANGELES - A shareholder filed a securities class action lawsuit against an infrastructure assets designer and certain of its current and former executive officers on Sept. 1 in California federal court, alleging that the defendants concealed issues with the company's business, operational and...

Mealey's Securities/D&O Liability - Shareholders Failed To Correct Loss Causation Deficiencies, Judge Rules

SAN FRANCISCO - Shareholders have failed to show how an anonymous blogger report is adequate to serve as a corrective disclosure to support loss causation, a federal judge in California ruled Sept. 2 in dismissing the shareholders' amended complaint (Francis J. Bonanno v. Cellular Biomedicine Group...

Mealey's Securities/D&O Liability - St. Jude: Hacking Report Was Scheme To Profit By Short Selling

MINNEAPOLIS - Heart device maker St. Jude Medical Inc. on Sept. 7 sued a hedge fund and a cybersecurity research firm for defamation for issuing a report that St. Jude's devices can be hacked and that patients should disable remote monitoring devices (St. Jude Medical, Inc. v. Muddy Waters Consulting...

Mealey's Securities/D&O Liability - Panel: Court Properly Ruled That Securities Claims Were Barred By Precedent

ATLANTA - A federal district court did not err in dismissing a securities class action lawsuit against home security company The ADT Corp., its CEO and others because shareholder claims are barred pursuant to precedent and because the shareholders failed to plead any material misrepresentation or scienter...

Mealey's Securities/D&O Liability - Judge Won't Reconsider Ruling In Securities Suit Against Medical Device Maker

PHILADELPHIA - Without providing any detail, a federal judge in Pennsylvania on Sept. 9 denied a shareholder's motion to reconsider an earlier ruling dismissing a securities class action complaint for failure to plead an actionable misrepresentation or scienter (Mark Silverstein v. Globus Medical...

Mealey's Securities/D&O Liability - Judge's Ruling In Securities Class Action Is Premature, Defendants Argue

NEW YORK - A federal judge in New York erred in determining that defendants in a securities class action lawsuit failed to timely file any opposition to a motion for class certification because the civil case management plan and scheduling order entered by the judge set an Oct. 11 deadline for the opposition...

Mealey's Securities/D&O Liability - Judge Appoints Retirement System As Lead Plaintiff In Merger Deal Securities Suit

DETROIT - A federal judge in Michigan on Sept. 14 granted a shareholder's motion for appointment of lead plaintiff and lead counsel in a securities class action lawsuit, ruling that the shareholder has met all statutory requirements to serve in those roles (Livonia Employees' Retirement System...

Mealey's Securities/D&O Liability - Target Corp. Securities Suits Consolidated; Lead Plaintiff, Counsel Appointed

MINNEAPOLIS - A federal magistrate judge in Minnesota on Sept. 15 consolidated a pair of securities class action lawsuits against Target Corp. and certain of its executive officers and appointed the law firm of Robbins Geller Rudman & Dowd as lead counsel (In re Target Corp. Securities Litigation...

Mealey's Securities/D&O Liability - Defendants Seek Dismissal Of Claims Against Them In Securities Class Action

TRENTON, N.J. - Defendants in a securities class action lawsuit in New Jersey federal court separately moved to dismiss the claims against them on Sept. 13, arguing that shareholders failed to plead any actionable misrepresentation, scienter or loss causation in making their federal securities law claims...

Mealey's Securities/D&O Liability - Judge: Court Lacks Jurisdiction Over Claims In Securities Suit

BATON ROUGE, La. - A federal judge in Louisiana dismissed claims against Grant Thornton International Ltd. (GTIL) in a securities lawsuit on Sept. 15, ruling that shareholders failed to show that a federal district court had either general or specific jurisdiction over the claims (Firefighters' Retirement...

Mealey's Securities/D&O Liability - Judge Grants Preliminary Approval of $486M Settlement In Pfizer Securities Suit

NEW YORK - A federal judge in New York on Sept. 16 granted preliminary approval of a $486 million settlement in a securities class action lawsuit between shareholders and certain of its executive officers, ruling that the settlement is fair, adequate and reasonable (In re Pfizer Inc. Securities Litigation...

Mealey's Securities/D&O Liability - Judge: New Discovered Evidence In Securities Suit Was Publicly Available

PHILADELPHIA - A federal judge in Pennsylvania on Sept. 19 denied an investor's motion for relief from a previous dismissal order, ruling that the investor's newly discovered evidence was in fact available to the public months before the initial complaint in the action was filed (Steven P. Messner...