Supreme Court addresses standards for class certification in federal securities fraud actions *

USA - March 12 2013
On February 27, 2013, the Supreme Court issued its much-anticipated decision in Amgen, Inc. v. Connecticut Retirement Plans & Funds, 568 U.S. __…

Co-authors: Alan R. Friedman, Arthur H. Aufses III, Lynda Tricarico, Steven S. Sparling.

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Supreme Court holds that the statute of limitations on civil penalty actions is not subject to a discovery rule *

USA - March 5 2013
When the Securities and Exchange Commission seeks penalties in a civil enforcement action, a question arises as to the applicable statute of…

Co-authors: Alan R. Friedman, Arthur H. Aufses III, Steven S. Sparling.

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Second Circuit addresses standard for pleading loss causation under Dura Pharmaceuticals *

USA - August 16 2012
On August 1, 2012, the Second Circuit decided Acticon AG v. China North East Petroleum Holdings, Limited, No. 11-4544-cv, considering the standard for pleading loss causation -- that is, the necessary causal relationship between an alleged fraud and actual economic loss -- in private civil actions under Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5.

Co-authors: Alan R. Friedman, Edward M. Lintz, Arthur H. Aufses III.

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Supreme Court grants certiorari to address question whether plaintiffs must prove materiality prior to class certification in federal securities fraud actions *

USA - June 15 2012
For over 20 years, the “fraud on the market” theory under Basic Inc. v. Levinson, 485 U.S. 224 (1988), has been a key tool for plaintiffs in class action securities fraud litigation.

Co-authors: Alan R. Friedman, Adina C. Levine, Arthur H. Aufses III.

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Supreme Court rejects rule that statute of limitations in short swing profit actions remains tolled until the filing of Forms 4 *

USA - April 10 2012
In a July 2011 Securities Litigation Alert, we reported on the Supreme Court's grant of certiorari in Credit Suisse Securities (USA) LLC v. Simmonds, No. 10-1261, to review a ruling by the Ninth Circuit concerning the limitations period applicable to claims, under Section 16(b) of the Securities Exchange Act, for recovery of "short-swing profits."

Co-authors: Abbe L. Dienstag, Alan R. Friedman, Michael S. Oberman, Arthur H. Aufses III, Elliot A. Smith.

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