News & Analysis as of

Misleading Statements Rule 10(b) Securities Exchange Act

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court Holds Item 303 Omissions Are Not Actionable Under Section 10(b) of Exchange Act

On April 12, 2024, the Supreme Court unanimously reversed and vacated the Second Circuit’s decision in Macquarie Infrastructure Corporation v. Moab Partners, L.P. Justice Sonia Sotomayor delivered the opinion for the Court....more

Pietragallo Gordon Alfano Bosick & Raspanti,...

What Constitutes a Misleading Statement in a Company’s Response to a Data Breach?

Takeaway: To ensure investor safety and emphasize a commitment to user privacy, corporate executives and similarly-situated high ranking officers must not provide any statements or omissions that affirmatively create a...more

Smith Anderson

Marriott Investor’s Security Fraud Claims Arising from Data Breach Rejected by Fourth Circuit

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The Fourth Circuit dismissed an investor’s lawsuit against a hotel chain that had been subject to a data breach, ruling that the company had not made false or misleading public statements about its protection of customer...more

Goodwin

SEC Obtains Consent Judgments Against Biotechnology Company and CEO for False COVID-19 Product Claims

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On April 19, 2022, Judge James R. Knepp II of the U.S. District Court for the Northern District of Ohio approved consent judgments against biotechnology firm Rising Biosciences, Inc. and its CEO Arthur Hall for violations of...more

A&O Shearman

Central District Of California Dismisses Putative Class Action Against Real Estate Investment Trust For Failure To Adequately...

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On February 21, 2020, Judge George H. Wu of the United States District Court for the Central District of California adopted as final its tentative ruling, dated February 20, dismissing a putative class action asserting claims...more

A&O Shearman

Northern District Of California Pares Claims In Putative Class Action Against Food Supplement Manufacturer

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On February 4, 2020, Judge James Donato of the United States District Court for the Northern District of California partially dismissed a putative class action asserting claims under Section 10(b) of the Securities Exchange...more

A&O Shearman

District Of Nevada Denies Motion To Dismiss Putative Class Action Against Life Science Company Alleging Misstatements Regarding...

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On December 10, 2019, Judge Jennifer A. Dorsey of the United States District Court for the District of Nevada denied a motion to dismiss a putative securities class action asserting claims under Section 10(b) of the...more

A&O Shearman

Southern District Of California Denies Summary Judgment For Defendants, Ruling That There Are Triable Issues Of Fact Related To...

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On November 6, 2016, Judge Michael A. Anello of the United States District Court for the Southern District of California denied defendants’ motion for summary judgment in a securities class action against a theme park and...more

A&O Shearman

Southern District Of New York Dismisses Putative Securities Class Action Against Pharmaceutical Company For Failure To Adequately...

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On September 30, 2019, Judge J. Paul Oetken of the United States District Court for the Southern District of New York dismissed a putative securities class action brought against a pharmaceutical company and certain of its...more

A&O Shearman

District Of New Jersey Dismisses Putative Securities Class Action Against Technology Company Based On Its Statements About Its...

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On February 22, 2019, Judge Kevin McNulty of the United States District Court for the District of New Jersey granted defendants’ motion to dismiss a putative class action against an Israeli-based technology company...more

A&O Shearman

Southern District Of New York Dismisses Exchange Act Claims Alleging Failure To Properly Disclose Potential FCPA Violations

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On March 30, 2018, the United States District Court for the Southern District of New York dismissed with prejudice a class action complaint against Embraer S.A. (“Embraer” or the “Company”) and several of its officers,...more

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