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Browse: Home / COVID-19

COVID-19

Dismissal Motion Ruling Patterns Emerge in COVID-19-Related Securities Suits | The D&O Diary

By Securities Docket on December 15, 2022, 9:00 am

Since the initial coronavirus outbreak in the U.S. in March 2020, plaintiffs’ lawyers have filed a host of securities class action lawsuits against companies raising a variety of COVID-19-related allegations. Many of these cases have faced significant hurdles at the initial pleading stage, and in a number of cases the dismissal motions have been granted. […]

Posted in Class Actions, Top | Tagged COVID-19

Online Clothing Company Hit With COVID-19-Related Securities Suit | The D&O Diary

By Securities Docket on November 16, 2022, 9:11 am

As I have noted previously (most recently here), there have been a number of COVID-19-related securities class action lawsuits filed since the initial coronavirus outbreak in the U.S. in March 2020. But while these lawsuits have continued to be filed since the outset of the pandemic, as time has gone by, it has become increasingly […]

Posted in Class Actions, Top | Tagged COVID-19

COVID-Related SEC Enforcement Actions Not a Thing of the Past | Holland & Knight

By Securities Docket on June 9, 2022, 8:24 am

The sun is shining, children are out of school, families are headed off on summer vacations, and the SEC is … bringing enforcement actions against companies for 2020 fraud related to COVID-19 products. One such action was recently filed against SCWorx Corp. and its former CEO and chairman, Marc Schessel.1 In bringing charges almost two […]

Posted in SEC, Top | Tagged COVID-19

SEC Charges Company and Former CEO with Misleading Investors about Sale of Covid-19 Test Kits

By Securities Docket on June 1, 2022, 7:58 am

The SEC’s complaint alleges that, with SCWorx struggling financially, Schessel and SCWorx issued a press release on April 13, 2020, falsely stating that SCWorx had a “committed purchase order” from a purported buyer to purchase two million COVID-19 rapid test kits. The press release further stated that the purchase order included a “provision for additional […]

Posted in SEC, Top | Tagged COVID-19, Fraud

New Lawsuit Reflects Cybersecurity and Coronavirus-Related Litigation Trends | The D&O Diary

By Securities Docket on February 9, 2022, 10:48 am

Readers of this blog know that two important current litigation trends involve the filing of claims relating to cybersecurity incidents and the filing of COVID-19-related claims.  A new securities class action lawsuit filed this week touched on both of these securities suit filing trends. Secure technology company Telos Corporation was hit with a securities suit […]

Posted in Class Actions, Top | Tagged COVID-19, Cybersecurity

Why A Surge Of COVID-19 Securities Suits Hasn’t Happened – Law360

By Securities Docket on March 12, 2021, 1:41 pm

But after 12 months, only about 25 proposed securities class actions tied to the pandemic remain active in federal courts, according to an analysis by Law360. Six of those have come in 2021, suggesting that the flow of such cases may continue, but not at the level some may have anticipated early on. “My sense […]

Posted in Class Actions, Top | Tagged COVID-19

Biotech Firm Hit With COVID-19-Related Securities Suit | The D&O Diary

By Securities Docket on February 15, 2021, 9:38 am

It has been nearly a year since the coronavirus outbreak in the U.S. first led to widespread closures and disruptions. Throughout that time, plaintiffs’ lawyers have continued to file securities class actions and other claims against companies affected by the pandemic. On February 12, 2021, in the latest of these COVID-19-related securities lawsuits, a plaintiff […]

Posted in Class Actions, Top | Tagged COVID-19

The SEC fires a warning shot about COVID-19 disclosures | Accounting Today

By Securities Docket on December 22, 2020, 12:14 pm

The recent settlement that Cheesecake Factory paid to the Securities and Exchange Commission was relatively small, but it conveyed a big message: Public companies must accurately disclose the current and anticipated material impacts of COVID-19 on their operations and financial condition. Source: The SEC fires a warning shot about COVID-19 disclosures | Accounting Today

Posted in SEC, Top | Tagged COVID-19, Disclosures

Cheesecake Factory Penalty Signals Shift In SEC Virus Focus – Law360

By Securities Docket on December 9, 2020, 10:57 am

On Dec. 4, the U.S. Securities and Exchange Commission brought its first enforcement action charging a public company, The Cheesecake Factory Inc., with misleading investors about the financial effects of the pandemic.[1] The case is significant because it shows that the agency is moving past its initial bout of enforcement activity targeting blatantly fraudulent activity […]

Posted in SEC, Top | Tagged COVID-19

Red flags for directors: SEC may take magnifying glass to disclosures involving significant judgments in COVID-19 era – Lexology

By Securities Docket on October 9, 2020, 8:08 am

During a discussion of red flags that should draw directors’ attention, Ms. Stone noted that the SEC may take a magnifying glass to disclosures involving significant judgements and estimates, particularly in the current economic conditions. She quoted her former colleague Steven Peikin, previous Co-Director of the Division of Enforcement, who stated in a speech at […]

Posted in SEC, Top | Tagged COVID-19

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