LexisNexis® Legal Newsroom
Mealey's Securities/D&O Liability - Shareholders Pleaded Scienter In Securities Suit Against Drug Maker, Judge Rules

SEATTLE - Shareholders in a securities class action lawsuit against a developmental pharmaceutical company and certain of its executive offices have properly pleaded a material misrepresentation at this point in the litigation and scienter in alleging that the defendants misrepresented the clinical trial...

Mealey's Securities/D&O Liability - U.S. Supreme Court To Hear SLUSA Jurisdictional Provisions Appeal

WASHINGTON, D.C. - The U.S. Supreme Court on June 27 agreed to hear an appeal of a California Superior Court ruling that shareholders in a securities class action are not preempted from bringing their claims under the Securities Act of 1933 by the Securities Litigation Uniform Standards Act (SLUSA) ...

Mealey's Securities/D&O Liability - Split D.C. Circuit Panel Rejects Claims In SEC Appointments Clause Appeal

WASHINGTON, D.C. - Without providing further detail, an equally divided 10-judge panel of the District of Columbia Circuit U.S. Court of Appeals on June 26 denied on rehearing en banc an investment adviser and his company's argument that a lower court erred in determining that the Securities and...

Mealey's Securities/D&O Liability - High Court Won't Hear Appeal In Deepwater Horizon Securities Suit

WASHINGTON, D.C. - The U.S. Supreme Court on June 27 denied an investor's petition for writ of certiorari that sought to overturn a federal district court's dismissal of a securities class action lawsuit as time-barred against Transocean Ltd. and certain of its former executive officers stemming...

Mealey's Securities/D&O Liability - Supreme Court Declines Review Of American Pipe Tolling Clarification Suit

WASHINGTON, D.C. - The U.S. Supreme Court on June 27 decided not to grant review of a New York federal court's dismissal of a securities class action lawsuit to determine whether the district court erred in ruling that investors' claims were not timely in contradiction of the high court's...

Mealey's Securities/D&O Liability - High Court Won't Hear Appeal In American Pipe Tolling Securities Class Action

WASHINGTON, D.C. - The U.S. Supreme Court on June 27 declined review of a securities class action lawsuit against The Bear Stearns Cos. LLC and others, which sought to determine whether American Pipe & Construction Co. v. Utah tolling applies to statutes of repose (SRM Global Master Fund Limited...

Mealey's Securities/D&O Liability - Judge Transfers Related Securities Suits To Illinois Federal Court

BATON ROUGE, La. - A transfer of venue to Illinois federal court is necessary because all public and private interest weigh heavily in favor of such action, a federal judge in Louisiana ruled July 5 in granting an expedited motion for transfer of venue in a securities class action lawsuit (Robert Berg...

Mealey's Securities/D&O Liability - Semiconductor Developer To Pay $7.25M To Settle Securities Law Claims

SAN FRANCISCO - A semiconductor developer and certain of its executive officers will pay more than $7 million to settle claims that they violated federal securities laws by failing to disclose certain related party transactions in the company's financial statements, lead plaintiffs say in a motion...

Mealey's Securities/D&O Liability - Panel Partially Overturns Class Certification Order In Securities Lawsuit

NEW YORK - A Second Circuit U.S. Court of Appeals panel on July 7 partially overturned a federal judge's class certification order, ruling that the judge failed to properly consider the U.S. Supreme Court's ruling in Morrison v. National Australia Bank, Ltd. in certifying two classes of investors...

Mealey's Securities/D&O Liability - Snapchat Parent Company Hit With Securities Class Action Over IPO Misstatements

LOS ANGELES - A shareholder on July 10 filed a securities class action complaint against a camera company, certain of its executive officers and underwriters of its initial public offering (IPO) in California federal court, alleging that the defendants concealed a slowdown in a key user engagement metric...

Mealey's Securities/D&O Liability - Royal Bank Of Scotland To Pay $5.5B To Settle FHFA Securities Claims

NEW HAVEN, Conn. - Royal Bank of Scotland Group PLC will pay $5.5 billion to settle claims that it misrepresented the investment quality of certain mortgage-backed securities it sold to Fannie Mae and Freddie Mac in violation of state and federal securities laws, according to a press release issued July...

Mealey's Securities/D&O Liability - Judge Dismisses Shareholder Derivative Suit For Failure To Plead Demand Futility

NEW YORK - An investor failed to plead demand futility in claiming that the board of directors of The Wendy's Co. breached its fiduciary duty by failing to require the company to join an industry alliance, which allegedly led to consumer protests and boycotts of the fast food chain, a federal judge...

Mealey's Securities/D&O Liability - Investor: Drug Maker Concealed Dry Eye Drug Manufacturing Issues

NEWARK, N.J. - A shareholder sued a pharmaceutical company and certain of its executive officers on July 12 in New Jersey federal court, alleging that the defendants concealed manufacturing issues with the drug company's inflammatory dry eye disease medication in violation of federal securities laws...

Mealey's Securities/D&O Liability - 2nd Circuit Overturns Convictions In Rabobank LIBOR Criminal Proceedings

NEW YORK - In what the Second Circuit U.S. Court of Appeals is calling the first criminal appeal related to the London Interbank Offered Rate (LIBOR) to reach a federal appellate court, the appeals court on July 19 overturned the convictions of two former employees of Cooperatieve Centrale Raiffeisen...

Mealey's Securities/D&O Liability - Judge: Investors Properly Pleaded Securities Law Claims Against Coffee Company

BURLINGTON, Vt. - Partial summary judgment is not warranted in a securities class action lawsuit against a coffee company and certain of its executive officers because lead plaintiffs have stated a plausible claim for relief in making their federal securities law claims, a federal judge in Vermont ruled...

Mealey's Securities/D&O Liability - Lead Plaintiff Pleaded Elements Of Securities Law Claims, Judge Rules

SAN FRANCISCO - A federal judge in California on July 26 denied a motion to dismiss filed by defendants in a securities class action lawsuit against GoPro Inc. and certain of its executive officers, ruling that the lead plaintiff in the action properly pleaded a material misrepresentation or omission...

Mealey's Securities/D&O Liability - Judge: Investors Showed That Drug Maker Misrepresented Clinical Test Results

SANTA ANA, Calif. - Lead plaintiffs in a securities class action lawsuit against a pharmaceutical company and certain of its executive officers have shown that the defendants issued misrepresentations regarding the clinical trial results for the company's breast cancer treatment drug in violation...

Mealey's Securities/D&O Liability - Misrepresentation Claims In Securities Suit Too Vague, 8th Circuit Panel Rules

ST. PAUL, Minn. - Lead plaintiffs in a securities class action lawsuit against a 3D printer manufacturer and certain of its executive officers have failed to plead any actionable misrepresentations in claiming that the defendants violated federal securities laws by misrepresenting the company's business...

Mealey's Securities/D&O Liability - Securities Suit Remanded To District Court For Consideration Of New Evidence

NEW YORK - Ruling that a federal district court should first consider new evidence from a pair of enforcement actions against a company, a Second Circuit U.S. Court of Appeals panel on July 27 vacated a shareholder's appeal and remanded the action to the district court for further review of the new...

Mealey's Securities/D&O Liability - Stock Drop Claims Survive Dismissal Motion In Securities Class Action

NEW YORK - A federal judge in New York on July 28 substantially denied dismissal of claims in a securities class action lawsuit against a specialty pharmaceutical company and certain of its current and former executive officers and directors, ruling that a shareholder has shown that the defendants violated...

Mealey's Securities/D&O Liability - Medical Testing Provider Hit With Shareholder Securities Class Action

BOSTON - A shareholder filed a securities class action against a genetic tumor testing provider and certain of its executive officers on July 28, alleging that the defendants artificially inflated the company's stock price by misrepresenting that it was on track to receive Medicare reimbursement...

Mealey's Securities/D&O Liability - Judge Trims Claims In Securities Class Action Against Drug Maker, Others

PHOENIX - A lead plaintiff in a securities class action lawsuit against a commercial-stage specialty pharmaceutical company and certain of its current and former executive officers has failed to show that a majority of the defendants' alleged misrepresentations concealing their involvement in an...

Mealey's Securities/D&O Liability - Former CEO Shkreli Convicted On Securities Fraud, Conspiracy Claims

BROOKLYN, N.Y. - A federal jury in New York on Aug. 4 convicted former pharmaceutical company CEO and hedge fund manager Martin Shkreli on claims that he orchestrated a massive Ponzi scheme over a six-year span while CEO of Retrophin Inc. (United States of America v. Martin Shkreli, No. 15-637, E.D....

Mealey's Securities/D&O Liability - American Pipe Tolling Does Not Apply To Claims In Securities Suit, Panel Rules

PHILADELPHIA - American Pipe & Construction Co. v. Utah tolling does not apply to claims in four related securities class action lawsuits against pharmaceutical companies and others that misrepresented the clinical trial results for a cholesterol treatment drug in violation of federal securities...

Mealey's Securities/D&O Liability - Lead Plaintiffs Pleaded Actionable Misstatements In Securities Suit, Judge Rules

SANTA ANA, Calif. - Lead plaintiffs in a securities class action lawsuit against a restaurant chain, certain of its senior officers and others have properly shown that the defendants issued actionable misstatements and omissions regarding the business and financial condition of the company in violation...