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High Court Upholds 3rd Circuit's Ruling, Finds Stockholder's Suit Against Merck Was Timely

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on April 27 affirmed a Third Circuit U.S. Court of Appeals ruling that a shareholder derivative lawsuit over Merck & Co. Inc.'s marketing of Vioxx was timely and held that the statute of limitations on a claim under Section 10(b) of the...

BP Shareholders File Lawsuit Over Gulf Oil Spill In Eastern District Of Louisiana

NEW YORK - Citing the company's history of safety lapses, cost cutting and workplace disasters, shareholders who purchased stock in BP on June 10 filed a class action lawsuit based on claims that the company mislead investors before the Deepwater Horizon oil spill in the Gulf of Mexico ( Lore...

High Court: Investors Properly Pleaded Materiality In Securities Class Action Suit

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on March 22 unanimously affirmed that shareholders of a drug maker properly showed that the drug maker violated federal securities law by failing to disclose that one of its products caused adverse effects ( Matrixx Initiatives, Inc., et al. v...

James M. Wilson Jr. On Securities Class Actions - Analysis Of The Supreme Court's Decision In Erica P. John Fund, Inc. v. Halliburton Co.

Excerpt: Introduction: On June 6, 2011, the Supreme Court unanimously rejected the Fifth Circuit Court of Appeal's requirement that plaintiffs in securities class actions prove "loss causation" at the class certification stage of the case. In order for investors to proceed as a class...

U.S. Supreme Court Hears Oral Argument In Market Timing Case

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on Jan. 8 heard oral arguments in an appeal of a Second Circuit U.S. Court of Appeals ruling allowing the Securities and Exchange Commission to seek penalties against defendants for securities fraud for conduct that was not fraudulently concealed...