Overview: "Discovery" of facts that put investors
on "inquiry notice" did not automatically begin 28 U.S.C.S. §
1658(b)'s limitations period, and since scienter was a "fact" and an
FDA warning letter and products liability suits showed little if nothing...
Overview: Where foreign shareholders alleged that respondents violated § 10(b) of
the Securities and Exchange Act of 1934 and SEC Rule 10b-5 regarding
securities traded on foreign exchanges, dismissal was warranted because §
10(b) applied only to transactions in securities...
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 still represented an active period
The current China hot button appears to be a series of
meetings between representatives of the Securities and Exchange Commission, the
Public Company Accounting Oversight Board, and their counterparts in China. The
hope is to convince the PRC government to allow the US regulators to inspect
With the temperatures reaching mind-bending levels, we
considered it advisable to stay inside, drink plenty of fluids, and limit our
exertions. So in lieu of a more elaborate post, we have simply noted some
mid-summer quick hits below.
Action against U.S.-Listed Chinese Companies
SciClone Settles FCPA Follow-on Derivative
Suit : In a settlement that involves a company with
significant Chinese operations -- and that also may represent something of a
template for the settlement of FCPA enforcement follow-on civil lawsuits --
SciClone Pharmaceuticals and the individual defendant...
In a story in the D&O
Diary , entitled " More
Woes for Companies with Chinese Connections ", Kevin LaCroix discussed
the settlement reached by the entity SciClone Pharmaceuticals, and its
individual defendant directors and officers, in litigation involving three
The Deal Prof looks at The Carlyle Group's proposed IPO and
figures it's a corporate governance dud. I agree. Carlyle's Amended and
Restated Limited Partnership Agreement ( Appendix A to the S-1A ) has a dispute resolution provision
that is reprinted in relevant part below (it's lengthy...
In the wake of the disastrous April 2010 Deepwater
Horizon oil spill, BP was hit with a wave of litigation from plaintiffs
asserting claims of personal injury, wrongful death and property damage. The
claimants also included BP shareholders raising allegations that they had been
misled regarding BP...
In what is by far the largest settlement in the current
wave of securities litigation involving Chinese companies, Ernst &Young,
which served as the outside auditor for Sino-Forest, has agreed to pay C$117
million to settle the securities suit that Sino-Forest investors filed
in Ontario against...
In what appears to be the first actual judgment in the
several dozen cases involving allegations of impropriety in cases of Chinese
companies that went public in the US, a $77 million arbitration award was
granted to a plaintiff in an arbitration case in Hong Kong.
AIG CEO Hank Greenberg's...
In a January 22, 2013 opinion ( here) ,
Southern District of New York Judge J. Paul Oetken has
dismissed one of the many securities class action lawsuits that were filed
against U.S.-listed Chinese companies in 2011. Though the primary interest in
the case may be that it involves U.S. securities...
In last week's Advisen webinar on 2012 D&O claims
trends, one of the audience questions related to the growth and relevance of
litigation funding in the U.S. In responding to the question I noted,
among other things, the rise of litigation funding outside the U.S.,
particularly in Australia...
Continuing an recent downward trend, corporate and securities litigation filings during the third quarter declined, both compared to the prior quarter and compared to the third quarter last year, according a new report from Advisen, the insurance information firm. In its report, entitled “D&O...
A single case may involve a host of interesting issues but sometimes the important lessons can only be discerned when many cases are considered collectively. This past week saw the release of some interesting analyses of aggregate litigation and enforcement statistics, each set of which told some interesting...