Monthly Archives: January 2009

Third Circuit Vacates Grant of Summary Judgment to Pfizer in Securities Class Action

On January 30, 2009, the Third Circuit vacated a district court’s grant of summary judgment to Pfizer, finding that no indicia of potential malfeasance existed that would have put plaintiffs on inquiry notice to trigger the running of the statute of limitations. The lower court had shortened the class period by more than a year, finding that investors could not…

Read More

Web Watch: Best Blog Posts and Columns For the Week Ending Jan. 30

Here is the weekly summary for Securities Docket’s Web Watch (”This Week’s Best Blog Posts and Columns”): WRAGE BLOG (Jan. 30, 2009): Bribery’s Broken Windows If officials face “zero tolerance” for the smallest inappropriate demands, won’t it be more difficult for a culture of corruption to flourish? CLUSTERSTOCK (Jan. 29, 2009): The Madness of Journalists And The SEC The record…

Read More

SEC’s Thomsen, Richards, Others to Appear as Witnesses in House Financial Services Committee Hearing Wednesday

Apparently having finally figured out that SEC Inspector General H. David Kotz is not the person they need to talk to now to learn why the SEC missed Bernard Madoff’s alleged $50 billion fraud, the House Financial Services Committee is going to try it again on February 4 with some new witnesses.  Reuters reports that five top SEC officials, including…

Read More

Financial Frauds and Financial Crisis Spur Demand for Forensic Accountants

The economic news continues to be grim but one profession that is now booming is forensic accounting.  Financial frauds like the Madoff case and collapses of Wall Street companies have driven demand for forensic accountants in the public and private sector. Richard Slavin, principal and chair of the Connecticut law firm Cohen and Wolf‘s securities group, told the Connecticut Post…

Read More

Securities Docket News Wire for Jan. 29, 2009

Securities class action filed against Triad Guaranty in the US District Court for the Middle District of N. Carolina. http://is.gd/hJ0G # Santander’s 1.38 Billion Euro Offer to Madoff Victims Pressures Rivals to Match It. http://is.gd/hFex # JPMorgan pulled $250M out of Madoff in late Fall ’08 because “consistency of its performance wasn’t any longer credible.” http://is.gd/hFcC #

Read More

Netherlands: Appeals Court Sentences Ahold Execs to Suspended Sentences and Fines

On Wednesday, an Amsterdam appeals court sentenced three former executives of Dutch supermarket group Ahold to suspended sentences and fines for financial fraud revealed by the company in 2003.  The Ahold fraud is the Netherlands’ biggest corporate accountancy fraud ever, NRC reports, involving the overstatement of profits by almost 1 billion euros. According to NRC, the court ruled as follows…

Read More