LexisNexis® Legal Newsroom
Mealey's Litigation Procedure - 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, No. 16-1315, D. Minn.).

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 (In re Valeant Pharmaceuticals International Inc. Securities Litigation, No. 15-7658, D. N.J.).

Mealey's Labor & Employment - 1st Circuit Panel Affirms Plan Participant's Untimely Death Prevents Payment To Children

BOSTON - A First Circuit U.S. Court of Appeals panel on Sept. 13 affirmed that an Employee Retirement Income Security Act plan participant's beneficiaries were not entitled to a guaranteed single-life annuity because he died before the beginning of the annuity payments (Brian O'Shea, et al. v. UPS Retirement Plan, et al., No. 15-1923, 1st Cir.; 2016 U.S. App. LEXIS 16734).

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, No. 16-1315, D. Minn.).

Mealey's Litigation Procedure - 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 to be filed, defendants argue in a letter filed Sept. 14 (Arthur Menaldi v. Och-Ziff Capital Management Group LLC, et al., No. 14-3251, S.D. N.Y.).

Mealey's Litigation Procedure - 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 v. Talmer Bancorp Inc., et al., No. 16-12229, E.D. Mich.; 2016 U.S. Dist. LEXIS 124417).

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 v. Talmer Bancorp Inc., et al., No. 16-12229, E.D. Mich.; 2016 U.S. Dist. LEXIS 124417).

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 to be filed, defendants argue in a letter filed Sept. 14 (Arthur Menaldi v. Och-Ziff Capital Management Group LLC, et al., No. 14-3251, S.D. N.Y.).

Mealey's PI/Product 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 Inc., et al., No. 15-5386, E.D. Pa.; 2016 U.S. Dist. LEXIS 113740).

Mealey's Litigation Procedure - 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 Inc., et al., No. 15-5386, E.D. Pa.; 2016 U.S. Dist. LEXIS 113740).

Mealey's Litigation Procedure - 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, an 11th Circuit U.S. Court of Appeals panel ruled in a per curiam opinion filed Sept. 9 (IBEW Local 595 Pension and Money Purchase Pension Plans, et al. v. The ADT Corp., et al., No. 15-13595, 11th Cir.; 2016 U.S. App. LEXIS 16454).

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 Inc., et al., No. 15-5386, E.D. Pa.; 2016 U.S. Dist. LEXIS 113740).

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, an 11th Circuit U.S. Court of Appeals panel ruled in a per curiam opinion filed Sept. 9 (IBEW Local 595 Pension and Money Purchase Pension Plans, et al. v. The ADT Corp., et al., No. 15-13595, 11th Cir.; 2016 U.S. App. LEXIS 16454).

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 LLC, et al., No. 16-03002, D. Minn.).

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 Inc., et al., No. 15-1795, N.D. Calif.; 2016 U.S. Dist. LEXIS 119194).

Mealey's Litigation Procedure - 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 grant of class certification, according to a letter filed Sept. 1 in the Eighth Circuit (IBEW Local 98 Pension Fund, et al. v. Best Buy Co., Inc., et al., No. 14-3178, 8th Cir.).

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 compliance policies in violation of federal securities laws (William Graves v. AECOM, et al., No. 16-6605, C.D. Calif.).

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, a group of securities law professors argue in a Sept. 1 amicus curiae brief (In re Petrobas Securities Litigation, No. 16-1914, 2nd Cir.).

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 grant of class certification, according to a letter filed Sept. 1 in the Eighth Circuit (IBEW Local 98 Pension Fund, et al. v. Best Buy Co., Inc., et al., No. 14-3178, 8th Cir.).

Mealey's Labor & Employment - 5th Circuit Panel Affirms Bonus Arrangement Is Not An ERISA Plan

NEW ORLEANS - A Fifth Circuit U.S. Court of Appeals panel on Aug. 31 affirmed that a bonus agreement offered by an employer to a select number of employees does not qualify as an Employee Retirement Income Security Act employee welfare benefit plan because "the purchase of insurance alone is insufficient to demonstrate an ERISA plan" (Sarah Mozingo Martin, et al. v. Trend Personnel Services, et al., No. 15-11263, 5th Cir.; 2016 U.S. App. LEXIS 16146).

Mealey's Litigation Procedure - 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 defendants argue in an Aug. 30 motion to dismiss (In re HeartWare International Inc. Securities Litigation, No. 16-0520, S.D. N.Y.).

Mealey's PI/Product Liability - Expert Testimony Fails To Support Atmosphere Of Violence Claim, Panel Finds

JACKSON, Miss. - A woman who suffered injuries during a robbery in a parking lot failed to provide sufficient testimony from a safety and security expert to support an atmosphere-of-violence claim, a Mississippi appeals panel affirmed Aug. 30, noting that an incident of robbery in the previous five years was not enough to put a company on notice of foreseeable danger (Pearlie Wright v. R.M. Smith Investments, L.P., No. 2015-CA-00199-COA, Miss. App.; 2016 Miss. App. LEXIS 566).

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 defendants argue in an Aug. 30 motion to dismiss (In re HeartWare International Inc. Securities Litigation, No. 16-0520, S.D. N.Y.).

Mealey's Litigation Procedure - Expert Testimony Fails To Support Atmosphere Of Violence Claim, Panel Finds

JACKSON, Miss. - A woman who suffered injuries during a robbery in a parking lot failed to provide sufficient testimony from a safety and security expert to support an atmosphere-of-violence claim, a Mississippi appeals panel affirmed Aug. 30, noting that an incident of robbery in the previous five years was not enough to put a company on notice of foreseeable danger (Pearlie Wright v. R.M. Smith Investments, L.P., No. 2015-CA-00199-COA, Miss. App.; 2016 Miss. App. LEXIS 566).

Mealey's Litigation Procedure - California Federal Judge Dismisses ERISA Class Action Against Chevron Corp.

OAKLAND, Calif. - A California federal judge on Aug. 29 granted Chevron Corp.'s motion to dismiss an Employee Retirement Income Security Act class action against it alleging breach of fiduciary duty for failure to state a claim (Charles E. White, et al. v. Chevron Corp., et al., No. 16-cv-0793, N.D. Calif.; 2016 U.S. Dist. LEXIS 115875).