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Results: 1-10 of 121

Shareholders’ allegations satisfied scienter pleading requirements

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • August 1 2008

In a putative securities fraud class action brought by shareholders against the company and its former CEO and CFO, defendants moved to dismiss on the grounds that, inter alia, plaintiffs failed to adequately plead scienter

Ninth Circuit holds I v. I exclusion does not bar coverage; declines to determine exact meaning of “assistance”

  • Wiley Rein LLP
  • -
  • USA
  • -
  • March 11 2008

The United States Court of Appeals for the Ninth Circuit, applying California law in an unpublished opinion, has held that a D&O insurer could not deny coverage based on an I v. I exclusion, even though two officers of the company provided information to an underlying plaintiff

Technology company employee pleads guilty to stealing trade secrets to sell to foreign governments

  • Seyfarth Shaw LLP
  • -
  • USA
  • -
  • March 17 2008

On February 29, 2008, Allen Cotten pleaded guilty in U.S. District Court in Sacramento to stealing microwave technologies from his former employer, Genesis Microwave, Inc., and selling or offering them for sale to foreign governments and military contractors

Second Circuit dismisses claims but validates “corporate scienter” theory

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • August 8 2008

The Second Circuit vacated and remanded a district court’s decision denying defendants’ motion to dismiss a putative securities fraud class action filed against a financial service company, its subsidiary and two executive officers

Third Circuit certifies questions regarding the in pari delicto defense to the Pennsylvania Supreme Court

  • Wiley Rein LLP
  • -
  • USA
  • -
  • August 11 2008

The United States Court of Appeals for the Third Circuit has certified two questions to the Pennsylvania Supreme Court regarding the scope and availability of the in pari delicto defense to claims against a corporation's auditors for professional negligence, breach of contract and aiding and abetting a breach of fiduciary duty

Plaintiffs fail to allege 10b-5 claims against secondary actors

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • April 4 2008

A federal district court partially granted defendants’ motion to dismiss plaintiffs’ Section 10(b) and Rule 10b-5 claims against a company and its affiliated individuals, arising out of falsified financial statements

Court refuses to lift PSLRA discovery stay

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • April 18 2008

Plaintiffs brought a shareholder derivative action, claiming the officers and directors of Asyst Technologies, Inc. (Asyst) violated federal and state securities law by backdating stock options and making false filings with the Securities and Exchange Commission

District court dismisses securities fraud claim against company’s auditor

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • November 16 2007

Granting defendant auditor’s motion to dismiss plaintiffs’ class action securities fraud claims, a federal district court held, among other things, that defendant could not be found liable under section 10(b) of the Securities Exchange Act of 1934 or Rule 10b-5 for statements that the auditor’s client but not the auditor made to the public

Second Circuit affirms dismissal of indictments against KPMG executives

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • September 3 2008

The U.S. Court of Appeals for the Second Circuit recently upheld the S.D.N.Y.'s decision to dismiss federal indictments against thirteen former KPMG executives for alleged tax-fraud after finding that federal prosecutors violated the KPMG executives' constitutional rights

Financial executive becomes first Le-Nature employee to face criminal prosecution for fraud

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • July 16 2008

According to press reports, Tammy Andreycak, a former director of accounting at Le-Nature’s Inc., recently pleaded guilty to multiple fraud charges in the United States District Court for the Western District of Pennsylvania

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