LexisNexis® Legal Newsroom
Mealey's Securities/D&O Liability - Securities Claims Allowed To Proceed In Wal-Mart Investor Class Action

FAYETTEVILLE, Ark. - A retirement system has standing to bring its federal securities law claims against Wal-Mart Stores Inc. and its CEO to recover for damages sustained by the company as part of its alleged attempt to cover up a bribery scheme at its Mexican subsidiary because investors, not the company...

Mealey's Securities/D&O Liability - Government Allowed To Participate In Securities Suit Appeal Oral Arguments

WASHINGTON, D.C. - The U.S. Supreme Court on Oct. 10 granted Acting Solicitor General Noel Francisco's motion for leave to participate in oral arguments as amicus curiae and for divided argument in a securities class action lawsuit challenging a federal appellate court's ruling that Item 303...

Mealey's Securities/D&O Liability - Judge Grants Preliminary Approval Of $28.5M Settlement In IPO Suit

NEW YORK - A federal judge in New York on Oct. 11 granted preliminary approval of a $28.5 million securities class action settlement between shareholders and a global eCommerce company and others, ruling that the proposed settlement offer is fair, reasonable and adequate (In re Cnova N.V. Securities...

Mealey's Securities/D&O Liability - Investors Found To Have Pleaded Control-Person Liability In Securities Suit

HARTFORD, Conn. - Investors have properly pleaded each of their state and federal securities laws claims against the co-founder of a virtual currency mining company, a federal judge in Connecticut ruled Oct. 11 in denying the defendant's motion to dismiss all claims against him (Denis M. Audet, et...

Mealey's Securities/D&O Liability - Federal Securities Claims Against Off-Road Vehicle Manufacturer Dismissed

MINNEAPOLIS - A pension fund failed to plead any actionable misstatements or omissions or scienter in arguing that off-road vehicle (ORV) manufacturer Polaris Industries Inc. and certain of its current and former executive officers concealed certain defects in its products that led to recalls of certain...

Mealey's Securities/D&O Liability - High Court Removes Securities Suit Oral Arguments From Calendar

WASHINGTON, D.C. - The U.S. Supreme Court on Oct. 17 removed from the calendar oral arguments in an appeal of a securities class action ruling regarding Securities and Exchange Commission Regulation S-K Item 303's duty to disclose provision for federal securities law claims and stayed the action...

Mealey's Securities/D&O Liability - Prosecutors Argue Against Telling Jurors About Shkreli's Partial Acquittal

BROOKLYN, N.Y. - Jurors in the criminal proceedings against alleged co-conspirator to convicted former pharmaceutical company CEO Martin Shkreli's massive securities fraud scheme Evan Greebel should not be made aware of Shkreli's acquittal on conspiracy to commit wire fraud charges, federal prosecutors...

Mealey's Securities/D&O Liability - Securities Claims Against Drug Maker Dismissed For Failure To Plead Scienter

SEATTLE - The lead plaintiff in a securities class action against a developmental stage biopharmaceutical company and certain of its executive officers has shown that the defendants misrepresented the success and prospects for the company's cancer treatment drug in violation of federal securities...

Mealey's Securities/D&O Liability - Lead Plaintiff Appointed In Securities Suit Against Communications Company

MONROE, La. - A federal magistrate judge in Louisiana on Oct. 20 appointed the state of Oregon, as trustee of its state employees retirement fund, as lead plaintiff in a securities class action against an integrated communications company and certain of its executive officers, ruling that the state has...

Mealey's Securities/D&O Liability - Deutsche Bank To Pay $220M To Settle LIBOR Rigging Allegations

NEW YORK - Deutsche Bank AG will pay $220 million to settle claims with the attorneys general of 44 states and the District of Columbia that it manipulated the U.S. Dollar London Interbank Offered Rate (LIBOR) and other benchmark interest rates, according to a press release issued Oct. 25 by New York...

Mealey's Securities/D&O Liability - District Court's Dismissal Of Market Manipulation Claims In Securities Suit Upheld

PHILADELPHIA - An investor failed to plead actual or presumed reliance in making his market manipulation claims against the Philadelphia Stock Exchange and certain market participants in violation of federal securities laws, and a federal district court did not err in dismissing as a result, a Third...

Mealey's Securities/D&O Liability - RBS To Pay More Than $44M Under Terms Of RMBS Nonprosecution Agreement

NEW HAVEN, Conn. - A division of Royal Bank of Scotland (RBS) Group will pay more than $44 million as part of a nonprosecution agreement with the U.S. Attorney's Office for the District of Connecticut and U.S. Department of Justice (collectively, Justice Department) for its role in operating a massive...

Mealey's Securities/D&O Liability - Investor's Derivative Suit Allowed To Proceed After Demand Futility Showing

SAN FRANCISCO - An investor has properly pleaded demand futility in making his claims in a shareholder derivative lawsuit against the board of directors for a security technology company by showing that two of the board members acted in bad faith in deciding to terminate a special committee's investigation...

Mealey's Securities/D&O Liability - Court's Dismissal Of Etsy Securities Class Action Was Proper, Defendants Argue

NEW YORK - A federal district court properly dismissed a securities class action lawsuit against the operator of an online marketplace, certain of its executive officers and underwriters of the company's initial public offering (IPO) because shareholders failed to plead any actionable misstatements...

Mealey's Securities/D&O Liability - Summary Judgment Ruling In Short-Swing Profit Suit Was Erroneous, Investor Says

NEW YORK - A federal district court erred in granting summary judgment to defendants in a shareholder derivative lawsuit against hedge funds and a hedge fund manager because the defendants did not meet the statutory guidelines necessary to avoid disgorgement of certain short-swing profits they obtained...

Mealey's Securities/D&O Liability - High Court Sets Argument Time In Appeal Of Securities Class Action Ruling

WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 6 issued an order granting in part a motion filed by U.S. Solicitor General Noel J. Francisco to participate in oral arguments as amicus curiae in an appeal of a California Superior Court ruling that shareholders in a securities class action are not preempted...

Mealey's Securities/D&O Liability - Solicitor General To Take Part In Oral Arguments In Dodd-Frank Suit

WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 6 granted a motion by U.S. Solicitor General Noel C. Francisco to argue pro hac vice and for leave to participate in oral arguments as amicus curiae and for divided argument in an appeal of a Ninth Circuit U.S. Court of Appeals' ruling that a federal...

Mealey's Securities/D&O Liability - Shareholder's Failure To Plead Scienter Leads To Dismissal Of Securities Claims

BOSTON - A shareholder has failed to plead scienter in making her federal securities law claims against a clinical laboratory services provider and its CEO for their alleged role in concealing an illegal monopoly scheme with the provider's Brazilian affiliate, a federal judge in Massachusetts ruled...

Mealey's Securities/D&O Liability - Shareholder Appointed Lead Plaintiff In Securities Class Action Lawsuit

COVINGTON, Ky. - A federal judge in Kentucky on Nov. 7 appointed a shareholder as lead plaintiff in a securities class action lawsuit against a manufacturer and distributor of fiber optic wire and cable products and certain of its executive officers, ruling that although it did not have the largest financial...

Mealey's Securities/D&O Liability - Judge Appoints Investor Group As Lead Plaintiff In Stock-Drop Lawsuit

SAN DIEGO - A federal judge in California on Nov. 7 appointed an investor group to serve as lead plaintiff in a securities class action lawsuit against a consumer and business banking provider and certain of its executive officers because the investor group meets all statutory requirements to serve as...

Mealey's Securities/D&O Liability - Judge: Investors Pleaded Scienter In Making Federal Securities Law Claims

NEW YORK - Shareholders in a securities class action lawsuit against car maker Fiat Chrysler Automobiles N.V. (Chrysler), certain of its executive officers and others have properly pleaded scienter and falsity in making their federal securities law claims by showing that the defendants concealed certain...

Mealey's Securities/D&O Liability - Shareholders Seek To Halt Proposed Vote On Ruby Tuesday Acquisition Deal

KNOXVILLE, Tenn. - Ruby Tuesday Inc. shareholders filed three related securities class action lawsuits in Tennessee federal court between Nov. 13 and Nov. 14, seeking to halt a proposed merger deal in which Ruby Tuesday would be acquired, arguing that the company, its CEO and board of directors and others...

Mealey's Securities/D&O Liability - IT Specialist Can Opine On Falsity Of Investor Statements, Judge Says

SHERMAN, Texas - An information technology specialist can testify about whether statements made to investors by the CEO of a computer server development company were false, but cannot opine on whether the statements were misleading, a Texas federal judge ruled Nov. 14 (Securities and Exchange Commission...

Mealey's Securities/D&O Liability - 4th Circuit Affirms Dismissal Of Securities Suit For Failure To Plead Scienter

RICHMOND, Va. - Shareholders in a securities class action lawsuit against an energy provider and its CEO have failed to show that the CEO acted with the requisite scienter in misrepresenting to investors that the company had secured a contract renewal with a large customer because they have not shown...

Mealey's Securities/D&O Liability - Rehearing Sought Of 2nd Circuit Ruling In Barclays Securities Lawsuit

NEW YORK - Rehearing of a Second Circuit U.S. Court of Appeals panel's ruling affirming a federal district court's grant of class certification in a securities lawsuit is necessary because the panel's ruling is in conflict with U.S. Supreme Court and federal circuit court precedent, defendants...