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Supreme Court Grants Cert Petition in Matrixx Initiative Securities Suit

There was a time when it was relatively rare for the Supreme Court to take up securities cases. Until recently, the Court basically went several years between cases filed under the securities laws. Those days are clearly over, as the Court has granted cert petitions in several securities cases in...

Inadequate Loan Loss Reserve Disclosure Case Dismissed

In a recent post , I discussed several recent decisions in which securities cases involving failed or troubled banking institutions survived dismissal motions. By contrast, however, in an August 16, 2010 ruling ( here ), Southern District of New York Judge Robert Patterson, Jr. granted the defendants'...

Advisen Releases 3Q10 Corporate and Securities Litigation Report

Overall levels of corporate and securities litigation remained at elevated levels in the most recent quarter even as securities class action filing levels remained flat, according to the third quarter 2010 report of the insurance information firm, Advisen. The October 2010 report can be found here...

A Securities Litigation Stalwart Takes a Loss

Although the world of electoral politics may seem distant from the directors' and officers' liability arena, there was one development in Tuesday's elections that potentially could affect the D&O claims environment, and it happened right here in The D&O Diary's home state...

Advisen Releases Year End 2010 Corporate and Securities Litigation Study

Though securities class action lawsuit filings were below historical averages, overall corporate and securities litigation reached "record" levels during 2010, according to a report from the insurance information firm, Advisen. The report, which was released on January 19, 2011 and is entitled...

Cornerstone Releases 2010 Securities Litigation Study

As a result of a spike in second half filings, the number of new securities class action lawsuits increased slightly in 2010 compared to the year before, although the 2010 filing levels remained below historical averages, according to the annual study released jointly by Cornerstone Research and...

Satyam Agrees to Pay $125 Million to Settle Securities Suit

In a settlement that has a number of interesting features, Satyam Computer Services, an Indian technology outsourcing company, has agreed to pay $125 million to settle the consolidated securities class action litigation pending against the company in Southern District of New York. The only settling...

High Court Asked to Decide Whether Securities Suit May Proceed as a Class Action

WASHINGTON, D.C. - (Mealey's) A shareholder plaintiff and a pharmaceutical company debated in front of the U.S. Supreme Court on Nov. 5 whether a securities lawsuit may proceed as a class action even if the plaintiff is unable to plead materiality ( Amgen Inc., Kevin W. Sharer, Richard D. Nanula...

U.S. Supreme Court Rules Securities Class Action Plaintiffs Need Not Prove Materiality for Class Certification

In a much anticipated ruling in the Amgen securities class action litigation, the U.S. Supreme Court, in a 6-3 majority opinion written by Justice Ginsburg, held that a securities plaintiff is not required to prove that the allegedly misleading statements are material as a prerequisite to class certification...

Appellate Courts Set Aside Two Securities Suits Dismissals

In two decisions last week - one in the Sixth Circuit and one in the First Circuit - federal appellate courts set aside lower court dismissals of securities class action lawsuits. Although the two cases are different and the two appellate opinions address different legal issues, the two decisions...

Second Circuit Vacates Dismissal of JinkoSolar Securities Suit

In an interesting July 31, 2014 opinion ( here ), the Second Circuit vacated the dismissal of the securities class action lawsuit that had been filed against JinkoSolar Holdings Co. Ltd, and certain of its directors and officers, as well as against its offering underwriters [an enhanced version of this...

Securities Suits Hit Firms Allegedly Using Stock Promoters to Boost Share Price

On July 30, 2014, when a plaintiff shareholder filed a securities class action lawsuit against the company and certain of its directors and officers, Galectin Therapeutics became the latest company to be hit with a securities suit following press reports that the company had used a stock promotion firm...

Life Sciences Companies and Securities Litigation: 2014 Update

Life sciences companies are “an increasingly popular target” of securities class action lawsuits, according to the annual securities litigation survey from the David A. Kotler of the Dechert law firm. According to the March 16, 2015 report, entitled “Dechert Survery of Securities Fraud...

Are Event Studies in Securities Litigation Reliable?

In its June 2014 opinion in the Halliburton case, the U.S. Supreme Court held that securities lawsuit defendants may introduce evidence at the class certification stage to try to show that the alleged misrepresentation on which the plaintiffs rely did not impact the defendant company’s share price...

Year-to-Date Securities Suit Filings Disproportionately Involve Non-U.S. Companies

Historically, non-U.S. companies listed on U.S. exchanges were sued in securities class action lawsuits less frequently than were listed U.S. companies. For several years now, according to NERA , non-U.S. firms have represented about 16% of all companies listed on the U.S. exchanges, but according to...