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Corporate & Securities Law

The 10b-5 Daily

News and events related to securities class action litigation. Containing all facts, with particularity, and an occasional dose of commentary.

Post Frequency: 2/day

Last Entry: March 23, 2011 at 00:48:53

Potential IPO Allocation Cases Settlement

Posted on October 29, 2008
The Wall Street Journal reports that there may be a settlement in the IPO allocation cases. Although it is not entirely clear from the press coverage, it appears that the parties are contemplating a global settlement (including issuers and underwriters)...

No Safe Haven

Posted on October 24, 2008
"Foreign-cubed" cases are actions brought against a foreign issuer, on behalf of a class that includes not only investors who purchased the securities in question on a U.S. securities exchange, but also foreign investors who purchased the securities on a...

Installing Tellabs

Posted on October 22, 2008
The latest application of the Tellabs decision on the pleading of scienter (i.e., fraudulent intent) comes from the U.S. Court of Appeals for the Eleventh Circuit. In Mizzaro v. Home Depot, Inc., 2008 WL 4498940 (11th Cir. Oct. 8, 2008),...

An Ounce of Prevention

Posted on October 17, 2008
Centene Corporation requires all insider stock transactions by its senior executives to be executed under pre-authorized Rule 10b5-1 stock trading plans. That policy turns out to have been helpful in obtaining the dismissal of a securities class action against the...

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Pritchard's Proposal

Posted on October 16, 2008
Securities Docket has an interview with Professor Adam Pritchard (U. Mich. Law) on his proposal that corporations opt-out of the current securities class action system by limiting potential investor damages to the disgorgement of the defendants' gains...

Bridgestone Settles

Posted on October 10, 2008
Bridgestone Corp. (PINKSHEETS: BRDCF), a Japanese tire manufacturer, has reached a settlement in the securities class action pending against it in the M.D. of Tennessee. The case, originally filed in January 2001, stems from allegations that Bridgestone disseminated false and...

The Battle of the Acronyms

Posted on October 09, 2008
As a general matter, claims under the Securities Act of 1933 ("'33 Act") may be brought in federal or state court. Some federal courts, however, have held that the Securities Litigation Uniform Standards Act of 1998 ("SLUSA") creates a removal...

Posting On The Internet

Posted on October 03, 2008
Does the fraud-on-the-market presumption, pursuant to which reliance by investors on a material misrepresentation is presumed if the company's shares were traded on an efficient market, apply in suits alleging misrepresentations by analysts (and other non-issuers)? The U...

Is That All There Is?

Posted on October 03, 2008
One of the most convoluted securities class actions ever may finally have come to an end (barring a successful appeal). The court has declined to certify the class in the case pending against Halliburton in the N.D. of Texas since...

We're Better Than Those Guys

Posted on September 26, 2008
The recent string of appellate decisions involving securities class actions includes Ley v. Visteon Corp., 2008 WL 3905469 (6th Cir. Aug. 26, 2008), which contains a couple of interesting holdings. Comparisons to Competition - The plaintiffs alleged that Visteon failed...

Limiting Damages and Suing The Government

Posted on September 23, 2008
(1) The National Law Journal (Sept. 22 edition) has an interesting column on the issue of securities class action damages. Professor Adam Pritchard (U. Mich.) argues that the fundamental flaw in the system is the failure to measure damages by...

Core Operations

Posted on September 19, 2008
There is a recent appellate trend of finding "must have known" allegations sufficient to establish a strong inference of scienter in situations where the underlying events are deemed to be highly important to the corporation (e.g., Dynex Capital (2nd Cir...

Unifying Intent

Posted on September 12, 2008
Can the sheer number of accounting errors negate an inference of fraud? In In re Ceridian Corp. Sec. Litig., 2008 WL 4163782 (8th Cir. Sept. 11, 2008), the U.S. Court of Appeals for the Eighth Circuit had an opportunity to...

The Emperor's New Clothes

Posted on September 09, 2008
The U.S. Court of Appeals for the Third Circuit has issued a notable decision on the application of the statute of limitations in securities cases. In In re Merck & Co., Inc. Sec., Derivative & ERISA Lit., Nos. 07-2431, 07-2432...

Stoneridge And Non-Speakers

Posted on September 05, 2008
Following the Stoneridge decision on scheme liability, the lower courts continue to explore what conduct is sufficient to induce reliance by investors. In In re Bristol Myers Squib Co. Sec. Litig., 2008 WL 3884384 (S.D.N.Y. Aug. 20, 2008), a corporate...

Around The Web

Posted on September 05, 2008
A few items of interest from around the web: (1) Bruce Carton, a longtime securities law blogger, has launched Securities Docket a "global securities litigation and enforcement report." The site provides one-stop shopping for the latest news, blog posts, filings,...

Negotiated Fees

Posted on August 30, 2008
Does the PSLRA require courts to find the attorneys' fees agreed upon by the lead plaintiff presumptively reasonable? In In re Nortel Networks Corp. Sec. Litig., 2008 WL 3840916 (2d Cir. Aug. 19, 2008), the lead counsel made this argument...

Around The Web

Posted on August 27, 2008
A couple of columns on securities litigation topics: (1) The New York Law Journal (Aug. 25 edition) has a column on the Eleventh Circuit's recent decision regarding proportionate liability and control person claims. Quote of note: "The LaPerriere decision provides...

Who's Who

Posted on August 22, 2008
When and how plaintiffs must disclose the identities of their confidential witnesses as part of the discovery process continues to be fought over in the courts. In In re Marsh & McLennan Companies, Inc. Sec. Litig., 2008 WL 2941215 (S.D.N.Y....

Pleading By Euphemism

Posted on August 21, 2008
Two recent decisions from the U.S. Court of Appeals for the Ninth Circuit demonstrate that a fair amount of judicial discretion goes into determining whether the inference of loss causation created by a complaint's factual allegations is either "unreasonable" or...

Think Globally, Sue Locally

Posted on August 16, 2008
The New York Law Journal has a column (Aug. 13 - subscrip. req'd) on the "Extraterritorial Application of U.S. Securities Laws." The authors focus on the recent Astrazeneca decision in the S.D.N.Y., where the court dismissed the action as to...

Shaw Enough

Posted on August 13, 2008
The Shaw Group is on a roll. Following the recent dismissal of the securities class action against the company in the S.D.N.Y., it has obtained an unusual victory in an earlier, unrelated securities class action filed in the D. of...

General Motors Settles

Posted on August 08, 2008
General Motors, Corp. (NYSE: GM), a Michigan-based automaker, has announced the preliminary settlement of the securities class action pending against the company in the E.D. of Michigan. The case, originally filed in September 2005, stems from allegations that General Motors...

Not So Fast

Posted on August 05, 2008
As it turns out, the defense is on a winning streak in securities class action trials. Although the jury verdicts in the recent JDS Uniphase (for defendants) and Apollo Group (for plaintiffs) trials were split, the Apollo Group defendants achieved...

Monster Worldwide Settles

Posted on August 01, 2008
Monster Worldwide, Inc. (NASDAQ: MNST), a New York-based online employment solutions company, has announced the preliminary settlement of the securities class action pending against it in the S.D.N.Y. The case, originally filed in March 2007, stems from allegations that Monster...

Adding Up The Numbers

Posted on July 31, 2008
The mid-year numbers are in on securities class action filings and settlements. This week saw the publication of 2008 Trends: Subprime and Auction-Rate Cases Continue to Drive Filings, and Large Settlements Keep Averages High from NERA Economic Consulting and 2008...

Reforming The System

Posted on July 26, 2008
The U.S. Chamber Institute for Legal Reform has issued a paper entitled Securities Class Action Litigation: The Problem, Its Impact, and the Path To Reform. The paper expands upon some of the concerns and recommendations raised by recent capital market...

WLF Webcast On The SEC And Securities Class Actions

Posted on July 24, 2008
The author of The 10b-5 Daily, Lyle Roberts (Dewey & LeBoeuf), is participating in a Washington Legal Foundation webcast on the SEC and securities class actions. The webcast will take place on Tuesday, July 29 at 10 a.m. ET. Click...

Hot Off The Press

Posted on July 19, 2008
Two columns from the New York Law Journal on securities litigation. (1) In 'Oscar': Misinterpretation of Fraud-on-the-Market Theory (July 17 edition - subscrip. req'd), the author discusses a Fifth Circuit decision on class certification. Notably, the court held that loss...

Clueless

Posted on July 18, 2008
While a proposed class representative does not have to possess "expert knowledge" of the case, there are some limits on how clueless it can be. In the Monster Worldwide, Inc. securities class action before the S.D.N.Y., the court has rejected...

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