Securities

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Class Certification Granted In Vioxx Securities Class Action Lawsuit
Posted on 5 Feb 2013 by Mealeys

NEWARK, N.J. - A federal judge in New Jersey on Jan. 30 certified a class of investors that allege that drug maker Merck & Co. Inc. and certain of its current and former officers and directors misrepresented the safety profile of its cardiovascular... Read More

Judge: Lead Plaintiff Failed To Plead Falsity In Securities Class Action Lawsuit
Posted on 28 Jan 2013 by Mealeys

SAN FRANCISCO - Dismissal of a lead plaintiff's amended complaint in a securities class action lawsuit is proper, a federal judge in California ruled Jan. 25, because the lead plaintiff failed to plead falsity, scienter or loss causation (Robert A... Read More

Judge Grants Final Approval Of Securities Settlement With IMAX, Others
Posted on 25 Jun 2012 by Mealeys

NEW YORK - A federal judge in New York on June 20 granted final approval of a class action settlement with IMAX Corp., certain of its current and former officers and directors and its auditor, ruling that the settlement has met all statutory requirements... Read More

Short-Swing Profit Rule Does Not Apply To Certain Securities, Panel Rules
Posted on 8 Jan 2013 by Mealeys

NEW YORK - Absent a determination to the contrary by the Securities and Exchange Commission, the short-swing profit rule of Section 16(b) of the Securities Act of 1934 does not apply to "separately traded, nonconvertible stocks with different voting... Read More

Bank Of America To Pay $2.43B To Settle Securities Class Action Lawsuit
Posted on 1 Oct 2012 by Mealeys

NEW YORK - In what is being called the largest settlement of a credit-crisis-related securities class action lawsuit, Bank of America Corp. (BoA) has agreed to a $2.43 billion settlement on claims that it and certain of its executive officers and directors... Read More

Cornerstone Releases Accounting Class Action Filings And Settlements Report
Posted on 10 Apr 2013 by Mealeys

BOSTON - Although the number of securities class action lawsuit filings dealing with accounting issues dropped sharply in 2012, "accounting case settlement dollars represented over 90 percent of all settlement dollars for securities class actions... Read More

Shareholder Asks Court To Give Final OK To Settlement With Directors, Officers
Posted on 19 Jul 2012 by Mealeys

PHILADELPHIA - A shareholder on July 16 asked a Pennsylvania federal court to approve a settlement between the shareholder and directors and officers of a company that includes an agreement to release supplemental disclosures to the Securities and Exchange... Read More

11th Circuit Reverses Portions Of Ruling In Sham Transaction Suit
Posted on 31 May 2012 by Mealeys

ATLANTA - The 11th Circuit U.S. Court of Appeals on May 29 affirmed a district court's ruling that a defendant in an action brought by the Securities and Exchange Commission aided and abetted his company's violations of the Customer Protection... Read More

Judge Remands Securities Class Action Pursuant To High Court Precedent
Posted on 6 Nov 2012 by Mealeys

CHARLESTON, W.Va. - In what he called an issue of first impression, a federal judge in West Virginia on Nov. 5 granted a shareholder's motion to remand a securities class action lawsuit to state court, ruling that the Securities Act of 1933 "only... Read More

Nasdaq To Pay $10M Penalty For Role In Facebook IPO, Secondary Market Trading
Posted on 30 May 2013 by Mealeys

WASHINGTON, D.C. - In what is being called the largest ever penalty against an exchange, Nasdaq will pay a $10 million penalty to the Securities and Exchange Commission to settle claims that it violated federal securities laws as a result of its poor... Read More

Magistrate Issues Discovery Stay In Securities Class Action Against Johnson & Johnson
Posted on 7 Feb 2013 by Mealeys

TRENTON, N.J. - A federal magistrate judge on Feb. 4 granted a motion to stay discovery in a securities class action lawsuit against Johnson & Johnson and others, ruling that discovery must be stayed pending the outcome of a motion to dismiss filed... Read More

Previous Forum Non Conveniens Ruling In Madoff Feeder Fund Suit Overturned
Posted on 15 Aug 2012 by Mealeys

NEW YORK - Since a previous ruling in which all federal securities law claims against a feeder fund of Bernard L. Madoff Investment Securities LLC (BLMIS) and others were dismissed, a federal judge in New York's ruling denying the defendants'... Read More

Shareholders Failed To Plead Scienter In Securities Class Action, Judge Rules
Posted on 26 Sep 2012 by Mealeys

SAN FRANCISCO - Although shareholders in a second class action lawsuit have properly pleaded falsity and loss causation, dismissal of their second amended complaint is proper because they have failed to plead scienter, a federal judge in California ruled... Read More

Judge Refuses To Dismiss Investor Suit Against Wells Fargo As Securities Trustee
Posted on 17 May 2013 by Mealeys

DENVER - A federal judge in Colorado on May 16 refused to dismiss an investor lawsuit against Wells Fargo Bank NA, as trustee of two residential mortgage-backed securities trusts, ruling that the investor properly pleaded a number of its claims (Galena... Read More

Judge: SEC Can Seek Reimbursement Of Compensation Under Act
Posted on 16 Nov 2012 by Mealeys

AUSTIN, Texas - A federal judge in Texas on Nov. 13 ruled that the Securities and Exchange Commission may seek reimbursement of executive compensation against certain executives of a company under Section 304(a) of the Sarbanes-Oxley Act of 2002 even... Read More

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