Daily Archives: April 3, 2009, 11:59 pm

Securities Docket News Wire for April 3, 2009

New Type of Madoff Defendant Emerges: Account Custodian. http://is.gd/qC2t # Warrior Stock of the Day: Changyou.com. http://is.gd/qubv # Former Gen Re finite exec gets 18-month sentence. http://is.gd/qu5T # Dreier Receiver to Seek $1.4 Million in Fees. http://is.gd/qu5p # The Retek Decision: A Case Study on Loss Causation at Summary Judgment. http://is.gd/qu54 # Satyam’s Raju faces insider trading charges. http://is.gd/qu4N #

Read More

Warrior Stock of the Day: Changyou.com

Online video games maker Changyou.com successfully completed its initial public offering yesterday, and closed up 25 percent in its trading debut.  Reuters reports that the company, whose ADRs are now traded on Nasdaq, had the most successful stock launch in nearly a year, and was only the third IPO in the U.S. since August 2008.  It is also the largest…

Read More

Dreier Receiver to Seek $1.4 Million in Fees

The bill for the court-appointed receiver and his attorneys in the SEC’s case against Marc S. Dreier is in.   Mark Pomerantz said he expects to seek $150,000, while his counsel at Paul Weiss will ask for approximately $1.25 million for their four months of work.  The NY Law Journal reports that Paul Weiss is accepting a substantial discount from their…

Read More

Guest Column — The Retek Decision: A Case Study on Loss Causation at Summary Judgment

Guest columnist Richard Gallagher writes about a recent order by the U.S. District Court for the District of Minnesota granting summary judgment to the defense on loss causation grounds in In re Retek Inc. Securities Litigation. On the basis of the court’s loss causation analysis, the court dismissed all of the remaining claims in the case, which arose under Section 10(b) and 20(a) of the 1934 Act. The Court’s ruling is significant because it provides a thorough review of loss causation principles as they apply at the summary judgment stage, as opposed to the pleading stage.

Read More