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Federal court holds that stock trades pursuant to 10b5-1 plans are evidence of scienter

Holland & Knight LLP
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USA
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February 7 2012

On November 23, 2011, the U.S. District Court for the Southern District of California denied a motion for summary judgment made by defendants in a securities fraud class action based, in part, on the grounds that the defendants' 10b5-1 trading plans were evidence of scienter

Court holds that CFO has no duty to correct statements made by another officer

Holland & Knight LLP
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USA
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June 7 2010

The Third Circuit Court of Appeals recently held that "the plain language of 10(b) and corresponding Rule 10b-5 do not contemplate the general failure to rectify misstatements of others."

U.S. Supreme Court sides with plaintiffs in securities fraud statute of limitations case

Holland & Knight LLP
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USA
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May 3 2010

After years of rulings in securities fraud cases that are generally considered to favor defendants, the Supreme Court recently issued a unanimous, plaintiff-friendly ruling regarding the two-year statute of limitations for such cases

Law firm not liable for Refco fraud

Holland & Knight LLP
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USA
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May 3 2010

Although a Mayer Brown lawyer was criminally convicted of securities fraud and sentenced to seven years of prison for his role in helping Refco, Inc. create sham transactions and make false SEC filings, the Second Circuit recently held that the lawyer and his former firm could not be liable for civil securities fraud under Section 10(b) of the Securities Exchange Act

Supreme Court holds that “honest fraud” statute covers only bribery and kickback not cooking the books

Holland & Knight LLP
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USA
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July 12 2010

The U.S. Supreme Court put a halt to the oft-used prosecutorial weapon of the “honest services” statute by holding it can only be used to prosecute bribery and kickback cases

Supreme Court slams the U.S. courthouse doors on securities class action plaintiffs’ lawyers representing foreign investors

Holland & Knight LLP
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USA
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July 12 2010

In a continuing trend to limit Section 10(b) securities fraud actions, the U.S. Supreme Court held that there is no cause of action in the United States for plaintiffs who purchase securities on foreign exchanges

SEC will continue to allow defendants to settle without admitting or denying allegations

Holland & Knight LLP
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USA
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April 11 2011

The SEC routinely enters into settlement agreements in which defendants agree to sanctions without admitting or denying the SEC's allegations against them

SEC charges corporate attorney and Wall Street trader in $32 million insider trading ring

Holland & Knight LLP
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USA
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May 2 2011

On April 6, 2011, the SEC charged a corporate attorney and a Wall Street trader with insider trading in advance of at least 11 merger and acquisition announcements between April 2006 and March 2011 involving clients of the law firm where the attorney worked

Supreme Court rules loss causation need not be proven at class certification

Holland & Knight LLP
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USA
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June 20 2011

On June 6, 2011, the U.S Supreme Court ruled that plaintiffs in securities fraud actions do not need to prove loss causation at the class certification stage

SEC enters into its first non-prosecution agreement

Holland & Knight LLP
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USA
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January 24 2011

On December 20, 2010, the SEC announced that it entered into its first non-prosecution agreement and that the SEC was charging a former executive vice president of a company with financial fraud and insider trading

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