LexisNexis® Legal Newsroom
Mealey's Securities/D&O Liability - Judge: Investors Have Had Enough Time To Collect Demand Futility Information

PHOENIX - A federal judge in Arizona on Nov. 29 denied a motion for an extension to file an amended complaint in a shareholder derivative lawsuit against several current and former officers and directors of a solar panel maker, ruling that investors have had enough time to gather the necessary information...

Mealey's Securities/D&O Liability - Judge: Investors Failed To Plead Demand Futility In Home Depot Derivative Suit

ATLANTA - Dismissal of claims in a shareholder derivative lawsuit against The Home Depot Inc. and certain of its current and former executive officers and directors for their alleged role in failing to implement the necessary internal controls to prevent a payment card data breach is proper because the...

Mealey's Securities/D&O Liability - Supreme Court Upholds Conviction Of Man For Role In Insider Trading Scheme

WASHINGTON, D.C. - A federal appellate court did not err in affirming a lower court's conviction of a man for his role in an insider trading scheme pursuant to U.S. Supreme Court precedent because even though the insider did not receive a financial benefit from providing the information, the trader...

Mealey's Securities/D&O Liability - Investor Group Appointed Lead Plaintiff In Lipocine Securities Class Action

TRENTON, N.J. - A federal judge in New Jersey on Dec. 2 appointed an investor group as lead plaintiff in a securities class action lawsuit against a pharmaceutical company and certain of its executive officers, ruling that the investor group has the largest financial stake in the litigation and meets...

Mealey's Securities/D&O Liability - Broker-Dealer, Former Executive To Pay More Than $24.5M To Settle SEC Lawsuit

MILWAUKEE - Broker-dealer Stifel, Nicolaus & Co. Inc. and its former senior vice president will pay more than $24.5 million and admit wrongdoing in connection with their role in a scheme to sell synthetic collateralized debt obligations (CDOs) to five Wisconsin school districts in violation of federal...

Mealey's Securities/D&O Liability - U.S. Supreme Court Declines Review Of Insider Trading Conviction

WASHINGTON, D.C. - The U.S. Supreme Court on Dec. 12 declined review of former Foundry Networks Inc. executive David Riley's appeal of his conviction for insider trading, deciding not to determine whether Riley was prejudiced by a federal district court's jury instruction as to personal benefit...

Mealey's Securities/D&O Liability - Traders Hit With SEC Suit Over Involvement In Market Manipulation Scheme

NEWARK, N.J. - The Securities and Exchange Commission on Dec. 12 sued two stock traders in New Jersey federal court, alleging that the traders engaged in a "lucrative fraudulent market manipulation scheme" that provided them with $26 million in illicit profits in violation of federal securities...

Mealey's Securities/D&O Liability - Tender Of Settlement In Securities Suit Does Not Moot Claims, Judge Rules

HOUSTON - A tender of settlement by underwriter defendants in a securities class action lawsuit against an energy company and others does not make the suit moot because the lead plaintiff in the action refused to accept it and because the amount did not take the shareholder's legal fees and expenses...

Mealey's Securities/D&O Liability - Retirement System Failed To Plead Material Misrepresentation, Judge Rules

SAN FRANCISCO - A retirement system failed to plead any material misrepresentations or omissions in pleading its federal securities law claims against a seller of hybrid data storage products and certain of its executive officers, but it may be able to cure its deficiencies with amendment of its complaint...

Mealey's Securities/D&O Liability - SEC Pleaded Material Misrepresentation, Scienter Against CFO, Judge Rules

TAMPA, Fla. - The Securities and Exchange Commission has properly pleaded a material misrepresentation or omission in claiming that the former chief financial officer (CFO) of a petroleum storage and sales company withheld information from investors regarding, inter alia, the storage capacity of tanks...

Mealey's Securities/D&O Liability - Deutsche Bank To Pay $37M To Settle Dark Pool Claims With New York AG, SEC

NEW YORK - Deutsche Bank Securities Inc. will pay $37 million to the state of New York and the Securities and Exchange Commission to settle claims that it issued a series of misrepresentations and omissions in connection with the marketing of Deutsche Bank's "Dark Pool Ranking Model" (DPRM...

Mealey's Securities/D&O Liability - Goldman Sachs To Pay $120M To CFTC For Attempted Manipulation Of ISDAFIX Rate

WASHINGTON, D.C. - Goldman Sachs Group Inc. and Goldman, Sachs & Co. will pay $120 million to settle claims filed by the Commodity Futures Trading Commission (CFTC) that they attempted to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix (ISDAFIX) in violation of provisions...

Mealey's Securities/D&O Liability - Drug Maker To Pay Nearly $520M To Settle SEC, Justice Department FCPA Claims

WASHINGTON, D.C. - Teva Pharmaceutical Industries Ltd. and its wholly owned Russian subsidiary will pay nearly $520 million to settle claims with government authorities over the generic drug manufacturer's involvement in a bribery scheme in violation of the Foreign Corrupt Practices Act (FCPA), according...

Mealey's Securities/D&O Liability - Judge Grants Final Approval Of $468M Settlement In Pfizer Securities Suit

NEW YORK - A federal judge in New York on Dec. 21 granted final approval of a $486 million settlement in a securities class action lawsuit between shareholders and certain of its executive officers, ruling that the settlement is fair, reasonable and adequate (In re Pfizer Inc. Securities Litigation,...

Mealey's Securities/D&O Liability - 9th Circuit Affirms Dismissal Of Securities Suit Against Tesla Motors

SAN FRANCISCO - A federal district court did not err in dismissing a securities class action lawsuit against Tesla Motors Inc. and its CEO because shareholders failed to plead any materially misleading statements or omissions in making their federal securities law claims, a Ninth Circuit U.S. Court of...

Mealey's Securities/D&O Liability - Judge: Defendants In Securities Suit Didn't Act With Deliberate Recklessness

DETROIT - Lead plaintiffs in a securities class action lawsuit against a drug company and its CEO have failed to plead their federal securities law claims because they have not shown that any of the alleged misrepresentations made by the defendants were actionable or that the defendants acted with deliberate...

Mealey's Securities/D&O Liability - Investors' Securities Claims Fail To Meet Pleading Requirements, Judge Rules

SAN FRANCISCO - Shareholders in a securities class action lawsuit against a specialty oil products manufacturer and distributor, certain of its current and former officers and directors and underwriters of two stock offerings failed to plead falsity in making their federal securities law claims because...

Mealey's Securities/D&O Liability - Judge: Investor Failed To Show Medical Device Maker Misstated FDA Conditions

BOSTON - A shareholder failed to show that a medical device maker and certain of its current and former executive officers issued material misrepresentations or omissions in connection with the company's statements made regarding the U.S. Food and Drug Administration's approval of a spinal injury...

Mealey's Securities/D&O Liability - Judge: Investors Failed To Plead Facts Supporting Misrepresentation Claims

NEW YORK - Lead plaintiffs in a securities class action lawsuit against a Chinese online retailer and others have failed to plead any actionable misrepresentations or omissions in support of their claim that the defendants concealed their intention to shut down the company's beauty supply marketplace...

Mealey's Securities/D&O Liability - Judge: Investor Failed To Plead Demand Futility Under Either Prong Of Aronson

LOS ANGELES - An investor in a shareholder derivative lawsuit against 17 current and former executive officers and directors of a drug company has failed to show that the defendants were interested in the outcome of the litigation or that their actions were in violation of the business judgment rule...

Mealey's Securities/D&O Liability - Zimmer Biomet To Pay $30.4M To Settle Foreign Bribery Claims By United States

WASHINGTON, D.C. - Orthopedic device maker Zimmer Biomet Holdings Inc. and an indirect subsidiary will pay $30.4 million to resolve criminal charges that they violated the Foreign Corrupt Practices Act (FCPA) by paying bribes to people in Mexico and for violating a 2012 deferred prosecution agreement...

Mealey's Securities/D&O Liability - High Court To Hear Appeal In SEC Enforcement Action Over Disgorgement Fee

WASHINGTON, D.C. - The U.S. Supreme Court on Jan. 13 agreed to hear an appeal in a Securities and Exchange Commission enforcement action in which an investment adviser seeks a determination as to whether claims for disgorgement are subject to a five-year statute of limitations under federal statute ...

Mealey's Securities/D&O Liability - Supreme Court Agrees To Hear Appeal Challenging American Pipe Tolling

WASHINGTON, D.C. - The U.S. Supreme Court on Jan. 13 agreed to hear an appeal of a Second Circuit U.S. Court of Appeals ruling affirming that shareholders that filed a securities class action lawsuit after opting out of settlement class against the same defendants were barred from doing so as their claims...

Mealey's Securities/D&O Liability - Deutsche Bank To Pay $7.3B For Misleading Investors In Sale Of RMBS

WASHINGTON, D.C. - Deutsche Bank AG and its current and former subsidiaries and affiliates and ACE Securities Corp. will pay $7.2 billion in civil penalties and relief to homeowners and others to settle claims that it misrepresented investors regarding the investment quality of residential mortgage-backed...

Mealey's Securities/D&O Liability - Moody's To Pay $864M To Settle Claims It Provided Compromised Credit Ratings

WASHINGTON, D.C. - Moody's Corp. and two of its subsidiaries (collectively, Moody's) will pay approximately $864 million to settle claims with the Department of Justice, 21 states and the District of Columbia arising from the ratings agency's role in providing compromised credit ratings for...