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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInZynga must face U.S. lawsuit alleging fraud tied to IPO | Reuters
Ruling 13 months after dismissing an earlier version of the lawsuit, U.S. District Judge Jeffrey White in San Francisco said on Wednesday that shareholders could pursue claims that Zynga concealed declining user activity, masked how changes in a Facebook Inc platform for its games would affect demand and inflated its 2012 revenue forecast. via Zynga […]
Consumers can sue Target Corp over data breach: judge | Reuters
U.S. District Judge Paul Magnuson in St. Paul, Minnesota, on Thursday dismissed claims by plaintiffs in certain states but largely denied Target’s request to toss the proposed class action lawsuit. via Consumers can sue Target Corp over data breach: judge | Reuters
Ineffective Motions to Dismiss Erode the Power of the Reform Act — D&O Discourse
I was recently asked about the biggest threats to the Reform Act’s protections, and have since been giving that question a lot of thought. To be blunt, the biggest threat is the failure by many defense firms to make rigorous arguments on motions to dismiss that hold plaintiffs to the strict pleading standards of the […]
JPM must face shareholders’ ‘Whale’ lawsuit: Judge — New York Post
JPMorgan Chase must face a lawsuit in which shareholders accused it of concealing risks that surfaced when it lost at least $6.2 billion in 2012 over trades made by Bruno Iksil, the so-called London Whale. via JPM must face shareholders’ ‘Whale’ lawsuit: Judge — New York Post
Analyzing Securities Motions to Dismiss — Class Action Countermeasures
University of Idaho law professor Wendy Gerwick Couture has published an interesting working paper analyzing a data set of dismissal opinions from securities fraud class actions: Around the World of Securiteis Fraud in 80 Motions to Dismiss. The paper is a quick read, distilling her data into eight major observations. via Analyzing Securities Motions to Dismiss […]
HP, Whitman Must Face Investor Suit Over Autonomy – Bloomberg
U.S. District Judge Charles Breyer in San Francisco said today investors can proceed with claims against Whitman over statements she made in May and June of 2012 about the British software company. Whitman “omitted material information which the complaint alleges she possessed at the time, namely that she was considering accounting fraud at Autonomy” as […]
Effective Securities Litigation Defense Requires a High Thought-to-Action Ratio — D&O Discourse
I recently had occasion to review a number of motion-to-dismiss rulings, including some in which denial of the motion seemed to be an easy call. I’ve since been mulling over whether there are circumstances in which it would be strategically advantageous not to make a motion to dismiss in a Reform Act case, or a […]
Judge Guts BP Securities Class Action But Allows Some Claims to Proceed
Court limits case to claims by purchasers of American Depositary Receipts.
Maynard Jenkins Fires Back at SEC in Clawback Case
Jenkins’ motion to dismiss complains of “Draconian penalty on an admittedly innocent person.”
SDNY Denies Moody’s Motion to Dismiss Securities Class Action
On Monday, Judge Shirley Wohl Kram of the U.S. District Court for the SDNY denied Moody’s motion to dismiss a securities class action filed against the company. Reuters reports that the case accuses the company and CEO Raymond McDaniel of making false and misleading statements in order to artificially bolster Moody’s stock price, and of […]