Daily Archives: December 15, 2008, 11:59 pm

Securities Docket News Wire for Dec. 15, 2008

Financial author Gunther Karger files complaint with Insp. General of the SEC regarding oversight of Bernard Madoff. http://is.gd/bQX5 # Securities class action filed against GSI Group Inc. in D. Mass. http://is.gd/bPLd # Securities class action filed against CBS Corporation in SDNY. http://is.gd/bPKv # SEC Sues National Lampoon, Inc. for Wide-Ranging Market Manipulation Scheme. http://is.gd/bPmE # Why did magistrate judge Douglas…

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Fourth Circuit Affirms Dismissal of Securities Class Action Against Inspire Pharmaceuticals

On Friday, December 12, the Fourth Circuit affirmed the dismissal of the securities class action against Inspire Pharmaceuticals.  The court found that plaintiffs failed to raise the “strong inference” of wrongful intent that was necessary to support their securities fraud claims. The Fourth Circuit stated that in Tellabs, the Supreme Court made clear that raising a “strong inference” of scienter…

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U.S. Attorney Steven Biskupic (E.D. Wisc.) to Join Michael Best & Friedrich

Steven Biskupic, United States Attorney for the Eastern District of Wisconsin, will join Michael Best & Friedrich as a partner in the law firm’s litigation practice group. Biskupic has announced his intention to step down from the U.S. Attorney post when President Bush leaves office, and will join Michael Best in February 2009. The firm announced that Biskupic’s practice will…

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The Mount Rushmore of Securities Fraud

The arrests of both Marc Dreier and Bernard Madoff in a span of 6 days last week brought with them allegations of two of the most astounding and brazen securities frauds of all-time. In fact, I am willing to make the call right now that the facts alleged against these men, if true, instantly leapfrog both of them into two of the four spots on the Mount Rushmore of Securities Fraud.

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Canada: Important Hearing for Future of Securities Class Actions Begins Today

In Canada today, a key hearing will take place in the IMAX Corp. securities class action.  As reported in today’s Financial Post, the IMAX case is the first lawsuit to test amendments to the Ontario Securities Act that allow shareholders to sue directors and officers for alleged misrepresentations or omissions made in disclosure documents. Securities Docket caught up with Dimitri…

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