News & Analysis as of

Securities Litigation

A&O Shearman

Tenth Circuit Court Of Appeals Affirms Dismissal Of Securities Class Action Against Online Retailer

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On October 15, 2024, a three-judge panel of the United States Court of Appeals for the Tenth Circuit affirmed a decision by the United States District Court for the District of Utah granting a motion to dismiss a putative...more

Moore & Van Allen PLLC

SEC Settlement Reminds Firms to Periodically Review Their Use of Models, Calculators and Tools When Making Client Recommendations

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On October 2, 2024, the Securities and Exchange Commission (“SEC”) announced it had settled enforcement proceedings against Thrivent Investment Management, Inc. (“Thrivent”), a SEC dually-registered broker-dealer and...more

A&O Shearman

Eastern District Of Wisconsin Dismisses Putative Securities Class Action Against Department Store Chain For Failing To Plead...

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On September 30, 2024, Judge Lynn Adelman of the United States District Court for the Eastern District of Wisconsin granted a motion to dismiss a putative securities class action asserting claims under Sections 10(b), 14(a),...more

A&O Shearman

District Of New Jersey Dismisses Putative Securities Class Action Against Pool Equipment Company

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On October 2, 2024, Judge William J. Martini of the United States District Court for the District of New Jersey dismissed a putative class action against a pool equipment company (the “Company”), its private equity majority...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: Oct. 1 Quarterly Review

The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more

A&O Shearman

Fifth Circuit Securities Litigation Quarterly: Third Quarter 2024

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Welcome to the Q3 2024 edition of A&O Shearman’s Fifth Circuit Securities Litigation Quarterly. As public companies and financial institutions continue to migrate to Texas, our Texas-based securities litigation team continues...more

Perkins Coie

2024 Ray Garrett Jr. Corporate & Securities Law Institute: SEC Officials Comment on Disclosures and Enforcement Priorities

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U.S. Securities and Exchange Commission (SEC) officials, private practitioners, in-house counsel, and others in the corporate and securities industry gathered in Chicago on September 26 and 27, 2024, for the Annual Ray...more

Perkins Coie

Securities Enforcement Forum Central 2024: SEC Enforcement Trends and Priorities Ahead of New Statistical Year

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Senior Division of Enforcement officials from the U.S. Securities and Exchange Commission (SEC) spoke with SEC alumni, private practitioners, and other professionals at the Securities Enforcement Forum Central 2024 (the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - October 2024

Ninth Circuit Affirms Dismissal of Insider Trading Claims Against Satellite Operator Investors Based on Stock Sales After FCC Chairman Vote - In re Silver Lake Grp., LLC Sec. Litig. (9th Cir. July 24, 2024) What to...more

A&O Shearman

SEC Charges Company With Reg FD Violations For Disclosing Information Via Posts On CEO’s Social Media Accounts

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On September 26, 2024, the Securities and Exchange Commission (“SEC” or “the Commission”) charged a sports-betting company (the “Company”) with violating Regulation Fair Disclosure (“Reg FD”) by disclosing material, nonpublic...more

A&O Shearman

Eastern District Of New York Grants In Part And Denies In Part Motion To Dismiss Securities Class Action Against Online Clothing...

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On September 25, 2024, Judge Orelia E. Merchant of the United States District Court for the Eastern District of New York granted in part and denied in part a motion to dismiss a putative securities class action against an...more

Allen Matkins

Can AI Act With Scienter?

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The legal implications of artificial intelligence, or AI, are vast.  Many, no doubt, have read stories about lawyers being embarrassed by briefs drafted with AI. What if AI is used to draft disclosure documents that are...more

A&O Shearman

Northern District Of California Grants Motion To Dismiss Putative Class Action Against Financial Technology Company For Failure To...

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On August 26, 2024, Judge Araceli Martínez-Olguin of the United States District Court for the Northern District of California granted a motion to dismiss a putative securities class action asserting claims under Sections...more

A&O Shearman

Eastern District Of Pennsylvania Denies In Part Motion To Dismiss Putative Securities Class Action Against Pharmaceutical Company

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On September 3, 2024, Judge Mitchell S. Goldberg of the United States District Court for the Eastern District of Pennsylvania granted in part and denied in part a motion to dismiss a putative securities class action against a...more

A&O Shearman

Northern District Of California Grants Motion To Dismiss Putative Securities Fraud Class Action Against Technology Company For...

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On September 3, 2024, Judge Rita F. Lin of the United States District Court for the Northern District of California granted a motion to dismiss a putative securities fraud class action against a technology and digital...more

Kohn, Kohn & Colapinto LLP

Fifth Circuit Ruling on Whistleblower Awards from Bankruptcy Collections Underscores Shortcoming With SEC Program

Whistleblowers who exposed what has been called “one of the biggest frauds in Texas history” are not eligible to receive Securities and Exchange Commission (SEC) whistleblower awards based on the collections recovered in a...more

White & Case LLP

Time to Review Whistleblower Provisions: SEC Charges Seven Public Companies with Violation of Whistleblower Protection Rule

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On September 9, 2024, the US Securities and Exchange Commission (“SEC”) announced settled charges against seven public companies for violation of the whistleblower protection rule in connection with employment, separation,...more

Jenner & Block

Client Alert: Key Takeaways from SEC Fraud Charges Against the CEO, CFO, and Audit Committee Chair of Kubient

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Earlier this month, the SEC brought accounting fraud charges in the U.S. District Court for the Southern District of New York against the CEO, CFO, and Audit Committee Chair of Kubient, a company that purported to use AI...more

A&O Shearman

Western District Of Texas Dismisses Putative Securities Class Action Against Cryptocurrency Exchange For Lack Of Personal...

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On September 6, 2024, Judge Robert Pitman of the United States District Court for the Western District of Texas dismissed a putative securities class action against a family of corporations (“Corporate Defendants”) that,...more

A&O Shearman

Southern District Of Florida Dismisses Securities Fraud Claim Against Equity Fund Alleging “Scheme” To Inflate Company Stock Price...

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On September 13, 2024, Judge K. Michael Moore of the United States District Court for the Southern District of Florida dismissed a complaint alleging that an equity fund (the “Company”), its affiliate companies, and several...more

Cadwalader, Wickersham & Taft LLP

Second Circuit Affirms Dismissal of Securities Fraud Class Action Alleging Undisclosed Projections

In Maso Cap. Invs. Ltd. v. E-House (China) Holdings Ltd., No. 22-355 (2d Cir. June 10, 2024), the United States Court of Appeals for the Second Circuit affirmed the district court’s dismissal of a putative securities-fraud...more

A&O Shearman

Northern District Of Texas Allows Claims Alleging “Scheme” Liability Securities Fraud To Proceed Against Oil Company

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On August 12, 2024, Judge David C. Godbey of the United States District Court for the Northern District of Texas denied a motion for judgment on the pleadings in an action alleging that an oil company (the “Company”) and a...more

A&O Shearman

Second Circuit Dismisses Rule 10b-5 Claims Based On Pure Omissions Theory Following Remand From The United States Supreme Court

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On August 19, 2024, the United States Court of Appeals for the Second Circuit dismissed, on remand from the United States Supreme Court, putative class action claims brought under Section 10(b) of the Securities Exchange Act...more

Alston & Bird

Shareholders Sharpen Focus on AI-Related Securities Disclosures

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What Happened? As Alston & Bird’s Securities Litigation Group reported, the number of securities class actions based on AI-related allegations is rising. With six new filings in the first half of 2024 and at least five more...more

Cornerstone Research

Considerations for Blow Provisions in Securities Class Action Settlements

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Securities class action settlements often include what is commonly referred to as a “blow provision”—a provision designed to give defendants the option to terminate the settlement agreement if a specified threshold of...more

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