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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

Cornerstone And Stanford Release Mid-Year Assessment Of Filings In 2009

Posted on July 21, 2009
Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse have released a mid-year assessment of federal securities class action filings in 2009. The findings include: (1) A total of 87 federal securities class actions were filed in the...

That Was Fast

Posted on July 17, 2009
The Securities and Exchange Commission had a ready answer to Senator Bennett's request that the agency look into pay-to-play allegations related to securities class actions: no thanks. Enforcement Action reports that Chairman Schapiro has sent a responsive letter noting, in...

Around The Web

Posted on July 16, 2009
A few interesting items from around the web. (1) It is not often that outside directors are forced to contribute to the settlement of a securities class action out of their own pockets. In the Peregrine Systems case in the...

2009 Mid-Year Review

Posted on July 08, 2009
The author of The 10b-5 Daily (Lyle Roberts - Dewey & LeBoeuf) will be participating in a Securities Docket webcast entitled "2009 Mid-Year Review: Securities Litigation and Enforcement." The webcast is tomorrow (June 9) at 2:00 p.m. ET and there...

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Bar Orders And Loss Causation

Posted on July 03, 2009
There have been two recent appellate decisions of note. (1) In In re HealthSouth Corp. Sec. Litig., 2009 WL 1675398 (11th Cir. June 17, 2009), the court addressed the scope of the judicial bar order contained in the partial settlement...

Overcoming Adversity

Posted on June 26, 2009
It's not over until it's over. Last September, it certainly looked bleak for the defendants in the Oracle securities class action pending in the N.D. of California. The court found that the defendants had improperly withheld evidence and, as a...

Around The Web

Posted on June 26, 2009
A couple of interesting items from around the web. (1) Will the government's role in the credit crisis limit the scope of private litigation? The Blog of the Legal Times has a post on the long-running securities class action against...

The Safe Harbor At Work

Posted on June 20, 2009
The PSLRA's safe harbor for forward-looking statements has a checkered history in the courts, with some judges refusing to apply it as written. It is therefore worth noting a decision that relies entirely on the safe harbor to dismiss the...

Two From The NYLJ

Posted on June 12, 2009
The New York Law Journal has had two recent columns on securities litigation topics. (1) In "Revisiting the Limitations Period For Securities Fraud" (June 10 edition), the authors discuss the Supreme Court's decision to hear the Merck case. Quote of....

Marvell Technology Settles

Posted on June 11, 2009
Marvell Technology Group Ltd. (NASDAQ: MRVL), a Santa Clara-based developer of of storage, communications and consumer silicon solutions, has announced the preliminary settlement of the securities class action pending against the company in the N.D. of California...

Intervening Events and Phantom Stocks

Posted on June 06, 2009
The U.S. Court of Appeals for the Second Circuit has held that where there has been a market-wide downturn in a particular industry, a plaintiff must plead facts which, if proven, would show that its loss was caused by the...

What's Next?

Posted on June 02, 2009
After the U.S. Supreme Court gets done with the statute of limitations, will it turn to the issue of foreign-cubed cases? Bloomberg reports that the Court has asked the Solicitor General to present its views on the National Australia Bank...

Around The Web

Posted on May 30, 2009
A few interesting items: (1) What is Judge Sonia Sotomayor's record in securities class actions? Two notable Second Circuit decisions in which she has participated are Dabit (later unanimously overturned by the Supreme Court) and In re IPO Securities Litigation...

Supreme Court To Address Circuit Split On Statute Of Limitations

Posted on May 27, 2009
The U.S. Supreme Court is going to address when the running of the statute of limitations is triggered in securities fraud cases, but not in the case many observers expected. Last year, the Court asked the Solicitor General to weigh...

No Guarantee Of Future Results

Posted on May 22, 2009
When a district court within the Fourth Circuit dismisses a securities class action, it usually stays dismissed. But past performance is no guarantee of future results. In In re Mutual Funds Investment Litig. 2009 WL 1241574 (4th Cir. May 7,...

Class Members As Clients

Posted on May 13, 2009
Texas billionaire Sam Wyly has suffered another setback in his long-running battle to obtain documents related to the Computer Associates securities class action. (The 10b-5 Daily has posted about the litigation over the years - see here, here, and here...

Household Roundup

Posted on May 11, 2009
The big news from late last week was the jury verdict for the plaintiffs in the Household International securities class action. Originally filed in 2002, the complaint alleged that Household engaged in a "massive predatory lending scheme" that led to...

Beazer Homes Settles

Posted on May 06, 2009
Beazer Homes USA, Inc. (NYSE: BZH), a Georgia-based homebuilder, has announced the preliminary settlement of the securities class action pending against the company in the N.D. Ga. The case, originally filed in March 2007, was one of the first subprime...

The Dictates of Conscience

Posted on May 01, 2009
In Institutional Investors Group v. Ayaya, Inc., 2009 WL 1151943 (3rd Cir. April 30, 2009), the U.S. Court of Appeals for Third Circuit has issued a comprehensive opinion that addresses a number of important pleading topics. (1) Safe Harbor for...

The Only Crap Game In Town

Posted on April 24, 2009
Senior Judge Milton Shadur (N.D. Ill.) has a colorful history when it comes to applying the PSLRA's lead plaintiff/lead counsel provisions. It just got a bit more colorful with his decision in Gorham v. General Growth Properties, Inc., 2009 WL...

The True Financial Condition Theory

Posted on April 22, 2009
Under the "true financial condition" theory, a plaintiff can adequately allege loss causation by citing a corrective disclosure that reveals the company's true financial results and condition, even if the disclosure does not directly reveal any alleged misrepresentations...

Pleading Loss Causation

Posted on April 18, 2009
The U.S. Court of Appeals for the Fifth Circuit has offered some guidance on how to analyze allegations of loss causation. In Lormand v. US Unwired, Inc., 2009 WL 941505 (5th Cir. April 9, 2009), the plaintiffs alleged that the...

Get Your Own Little Birdy

Posted on April 14, 2009
A plaintiff can rely on an anonymous source to plead securities fraud, but can he rely on someone else's anonymous source? In Vladimir v. Bioenvision Inc., 2009 WL 857552 (S.D.N.Y. March 31, 2009), the plaintiffs alleged that Bioenvision had entered....

Taking The Lead

Posted on April 10, 2009
A few interesting lead plaintiff/lead counsel decisions from the end of last year (and one article). (1) In In re Adelphia Comm. Corp. Sec. & Derivative Lit., 2008 WL 4128702 (Sept. 3, 2008) a law firm that did not act...

The Curtain Closes

Posted on April 06, 2009
It has been a long journey for the IPO allocation cases, but it looks like the end is in sight. The parties have filed a global settlement agreement (issuers and underwriters) with the court. The settlement amount is $586 million,...

2008 PwC Securities Litigation Study

Posted on April 03, 2009
PricewaterhouseCoopers has released its annual review of securities class actions. The findings include: (1) A total of 210 securities class actions were filed in 2008, an increase of 29% over the previous year. For the first time, financial services topped...

Catching Up

Posted on April 02, 2009
A few interesting stories from the past week. (1) From the "Where Are They Now" file, the parties in the Dura Pharmaceuticals securities class action have reached a $14 million settlement. The case included a 2005 U.S. Supreme Court decision...

Ernst & Young Settles HealthSouth-Related Claims

Posted on March 26, 2009
Ernst & Young LLP ("E&Y") has entered into a stipulation of settlement in the HealthSouth securities class action in the N.D. of Ala. The case, originally filed in June 2003, stems from allegations that the defendants materially misrepresented the company's...

Topping The List

Posted on March 25, 2009
RiskMetrics has released the SCAS 50, which "lists the top 50 plaintiffs' law firms ranked by the total dollar amount of final securities class action settlements occurring in 2008 in which the law firm served as lead or co-lead counsel."...

Being Myopic

Posted on March 20, 2009
It is going to take a unique set of facts to establish the existence of scheme liability in the wake of the Stoneridge decision. Earlier this week, in the Refco securities class action, a S.D.N.Y. court dismissed the securities fraud...

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