LexisNexis® Legal Newsroom
Mealey's Securities/D&O Liability - Pension Fund Named Lead Plaintiff In Securities Class Action Lawsuit

NEW YORK - A federal judge in New York on June 7 appointed a pension fund as lead plaintiff in a securities class action lawsuit, ruling that the fund has met all statutory requirements to serve as lead plaintiff (Juan Francisco Nieves, as trustee of the Gonzalez Coronado Trust, v. Performance Sports...

Mealey's Securities/D&O Liability - Shrkeli, Greebel Plead Not Guilty To Additional Claim In Ponzi Scheme Suit

BROOKLYN, N.Y. - Alleged Ponzi scheme mastermind Martin Shkreli and his alleged accomplice, Evan Greebel, each pleaded not guilty to a newly filed claim of conspiracy to commit securities fraud in a superseding indictment, according to court documents filed in New York federal court on June 7 (United...

Mealey's Securities/D&O Liability - SEC Fines Morgan Stanley $1 Million For Failing To Protecting Customer Data

WASHINGTON, D.C. - In a June 8 order, the Securities and Exchange Commission penalized Morgan Stanley Smith Barney LLC $1 million for failing to properly safeguard its customers' personally identifiable information (PII), which led to an employee's misappropriation of hundreds of thousands of...

Mealey's Securities/D&O Liability - Panel: Court Applied 'Proper Legal Standard For Scienter' In Securities Suit

PASADENA, Calif. - A federal district court applied the proper pleading standard in determining that a shareholder failed to plead scienter in making his federal securities law claims against a pharmaceutical company and certain of its executive officers, a Ninth Circuit U.S. Court of Appeals panel ruled...

Mealey's Securities/D&O Liability - Shareholders To Pay $8.5M To Settle Claims In Securities Class Action Lawsuit

PHILADELPHIA - Urban Outfitters Inc. and certain of its executive officers will pay $8.5 million to settle claims that they misrepresented the clothing retailer's business and financial condition in violation of federal securities laws, according to a stipulation of settlement filed June 8 in Pennsylvania...

Mealey's Securities/D&O Liability - 3rd Circuit To Hear Appeal In Petrobas Securities Class Action Lawsuit

NEW YORK - Without providing further detail, the Third Circuit U.S. Court of Appeals on June 15 agreed to hear an appeal of a ruling in a securities class action lawsuit filed in New York federal court that partially dismissed claims against a Brazilian oil company, its outside auditor and others (In...

Mealey's Securities/D&O Liability - HSBC To Pay Record $1.5B Settlement To End Securities Class Action

SAN DIEGO - In what is being called a record recovery for shareholders, HSBC Finance Corp. has agreed to pay more than $1.5 billion to settle claims that its predecessor-in-interest, Household International Inc., and certain of its executive officers and directors issued a series of misrepresentations...

Mealey's Securities/D&O Liability - Investor Argues It Properly Pleaded All Elements Of Its Securities Law Claims

PITTSBURGH - Dismissal of a securities class action lawsuit is not proper because the lead plaintiff in the action has properly pleaded a material misrepresentation or omission, scienter and loss causation, the lead plaintiff argues in a June 20 opposition brief filed in Pennsylvania federal court (James...

Mealey's Securities/D&O Liability - SEC: Merrill Lynch To Pay $415M To Settle Claims It Misused Customer Cash

WASHINGTON, D.C. - Merrill Lynch, Pierce, Fenner & Smith Inc. has agreed to pay $415 million to settle claims that it engaged in a scheme whereby it misused customer cash to generate profits for Merrill Lynch and failed to "safeguard customer securities from the claims of its creditors"...

Mealey's Securities/D&O Liability - Motion To Stay In Securities Suit Fails To Meet Nken Factors, Judge Rules

NEW YORK - A federal judge in New York on June 24 denied a motion for a stay in a securities class action lawsuit and several related actions, ruling that the defendants' motion fails to meet the guidelines established in the U.S. Supreme Court's ruling in Nken v. Holder (In re Petrobas Securities...

Mealey's Securities/D&O Liability - Judge: Amended Complaint Fails To Cure Pleading Deficiencies In Securities Suit

NEW YORK - A federal judge in New York on June 24 denied a motion to alter or amend judgment and for leave to file a second amended complaint in a securities class action lawsuit, ruling that any amendment would be futile because the shareholders' additional evidence does not cure any of the pleading...

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

SAN JOSE, Calif. - Appointment of an institutional investor as lead plaintiff in a securities class action lawsuit is proper because the investor has met all statutory requirements to serve in the role and because no other investor has properly rebutted the presumption that the institutional investor...

Mealey's Securities/D&O Liability - Judge: Tipper Breached Her Fiduciary Duty To Employer In Insider Trading Suit

BOSTON - The Securities and Exchange Commission has properly alleged that a day trader's tipper in an insider trading lawsuit breached her fiduciary duty to her employer in providing inside information regarding a merger deal, a federal judge in Massachusetts ruled in a July 12 opinion (Securities...

Mealey's Securities/D&O Liability - Securities Suit Must Be Tried In Washington Federal Court, Judge Rules

SALT LAKE CITY - A federal judge in Utah on July 11 denied motions to dismiss a securities lawsuit filed by Chinese investors against parties to an escrow agreement but ruled that the transfer of the action to Washington federal court was necessary under the terms of a forum-selection clause in the escrow...

Mealey's Securities/D&O Liability - Lead Plaintiff Properly Cured Loss Causation Pleading Deficiencies, Judge Rules

SAN DIEGO - A federal judge in California on July 12 substantially denied a motion to dismiss filed by defendants in a securities class action lawsuit, ruling that the lead plaintiff in the action properly pleaded loss causation in making his federal securities law claims (Brad Mauss v. NuVasive Inc...

Mealey's Securities/D&O Liability - Defendants' Arguments In Favor Of Dismissal Lack Merit, Shareholders Say

BROOKLYN, N.Y. - Defendants in a securities class action lawsuit have failed to show that dismissal is warranted because their arguments in favor of dismissal "lack merit," shareholders argue in a July 11 opposition brief filed in New York federal court (Saleh Altayyar, et al. v. Etsy Inc....

Mealey's Securities/D&O Liability - Defendants To Pay $64M To Settle Claims In Long-Running Securities Suit

TOLEDO, Ohio - Defendants in a long-running securities class action lawsuit will pay $64 million to settle claims that they misrepresented a company's business and financial condition in violation of federal securities laws, according to a motion for preliminary approval of settlement filed in Ohio...

Mealey's Securities/D&O Liability - Judge: No Manifest Errors Of Law Exist In Securities Suit Ruling

DALLAS - Ruling that defendants in a Securities and Exchange Commission civil enforcement action have failed to show that a federal district court committed manifest errors of law or fact, a federal judge in Texas on July 13 denied the defendants' motion for reconsideration of his ruling granting...

Mealey's Securities/D&O Liability - Pension Funds Appointed As Co-Lead Plaintiffs In Securities Class Action

PORTLAND, Ore. - Without providing further detail, a federal judge in Oregon on July 13 appointed two pension funds as lead plaintiffs in a securities class action lawsuit against a metal components manufacturer and two of its executive officers (Kevin Murphy v. Precision Castparts Corp., et al., No...

Mealey's Securities/D&O Liability - Judge Grants Preliminary Approval Of $23.5M Securities Class Action Settlement

SAN FRANCISCO - A federal judge in California on July 18 granted preliminary approval of a $23.5 million settlement between shareholders and a semiconductor company and others in a securities class action lawsuit, appointing shareholders as class counsel and approving the proposed settlement class (Keith...

Mealey's Securities/D&O Liability - Drug Maker Agrees To Pay $95M To Settle Federal Securities Law Claims

LOS ANGELES - A drug maker will pay $95 million to settle claims that it misrepresented certain safety concerns with two of its products in violation of federal securities laws, according to a motion for preliminary approval of settlement filed July 21 in California federal court (In re Amgen Inc. Securities...

Mealey's Securities/D&O Liability - Securities Class Action Filings Well Above Historical Average, Report Shows

BOSTON - Federal securities class action filings climbed to higher than historical averages in the first half of 2016, up 27 percent from the semiannual average observed between 1997 and 2015, according to a semiannual report released July 26 by economic and financial consulting firm Cornerstone Research...

Mealey's Securities/D&O Liability - Alleged Misstatements Were Forward-Looking, Nonactionable, Judge Rules

SANTA ANA, Calif. - Dismissal of claims in a securities class action lawsuit is proper because alleged false and misleading statements made by a quick-service restaurant chain, several of its executive officers and directors and others in a 2015 press release were forward-looking and protected under...

Mealey's Securities/D&O Liability - Investors Appeal Dismissal Of Claims In Securities Class Action To 2nd Circuit

NEW YORK - Shareholders on July 25 filed a notice of appeal in a securities class action lawsuit against a pharmaceutical company and its former CEO, seeking Second Circuit U.S. Court of Appeals review of a federal judge's ruling dismissing the action for failure to plead an actionable misrepresentation...

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

BROOKLYN, N.Y. - Dismissal of an amended complaint in a securities class action lawsuit is not proper because the lead plaintiffs have pleaded falsity, materiality and scienter in making their federal securities law claims by arguing that a research manufacturing company and certain of its current and...