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With securities case dismissal, another loss in the southern district for LIBOR plaintiffs

Edwards Wildman Palmer LLP
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USA
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May 15 2013

On Monday, Southern District of New York Judge Shira Scheindlin dismissed the entire suit in Gusinsky v. Barclays, without leave to amend and with

Securities and Exchange Commission files fraud suit against U.S. public company that was formed as a result of a reverse merger with Chinese company

Edwards Wildman Palmer LLP
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USA
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December 3 2012

On November 30, 2012, the Securities Exchange Commission announced that it has filed a complaint in the Southern District of New York against China North East Petroleum Holdings Limited and a number of its current and former directors and officers (Securities and Exchange Commission v. China North East Petroleum Holdings Limited, et al., Civil Action No. 12-CV-8696 (S.D.N.Y

The Department of Justice and the Securities and Exchange Commission publish long-awaited Foreign Corrupt Practices Act guidance

Edwards Wildman Palmer LLP
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USA
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November 15 2012

On November 14, 2012, the Criminal Division of the Department of Justice and the Enforcement Division of the U.S. Securities and Exchange Commission published A Resource Guide to the Foreign Corrupt Practices Act (the “FCPA Guidance”), a document that has been eagerly anticipated for more than a year

Market timing case goes to U.S. Supreme Court

Edwards Wildman Palmer LLP
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USA
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October 16 2012

D&O and E&O carriers alike will want to keep a close eye on the US Supreme Court this term

New York court dismisses Madoff claim against investment advisors & fund managers

Edwards Wildman Palmer LLP
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USA
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October 16 2012

A New York State trial court recently dismissed claims by the holders of variable life insurance policies, some of whose excess cash value was invested with Bernard Madoff’s securities firm, against various investment advisors and hedge fund managers

Second Circuit holds that post-disclosure recovery of stock price does not negate loss causation

Edwards Wildman Palmer LLP
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USA
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August 6 2012

The Second Circuit recently held that, even if a stock recovers its value after dropping following a corrective disclosure, this does not necessarily negate a showing of loss causation at the pleading stage in a claim for securities fraud

Janus held to protect executives' internal false reportsat the direction of superiorsagainst Rule 10b-5 liability for false statements, but not against Rule 10b-5 liability for deceptive conduct

Edwards Wildman Palmer LLP
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USA
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September 9 2011

SEC Rule 10b-5(b), 17 CFR 240.10b-5(b), makes it unlawful for “any person, directly or indirectly to make any untrue statement of a material fact” (emphasis added) in connection with the sale or purchase of securities and implicitly provides a private right of action against a person who makes a statement that violates the rule

Supreme Court rules mutual fund investment advisor not liable for securities fraud in private securities fraud action

Edwards Wildman Palmer LLP
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USA
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June 14 2011

In Janus Capital Group, Inc. and Janus Capital Management LLC v. First Derivative Traders, decided June 13, 2011, the Supreme Court held that Janus Capital Management LLC (JCM), a subsidiary of Janus Capital Group, Inc. (JCG) and investment advisor for JCG on a group of its mutual funds, cannot be held primarily liable in a private action by JCG shareholders for alleged false statements in a prospectus under Section 10(b) of the Securities Exchange Act of 1934 and SEC’s Rule 10b-5

Supreme Court to decide whether class certification in a securities fraud case requires proof of loss causation

Edwards Wildman Palmer LLP
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USA
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February 11 2011

In Basic Inc. v. Levinson, 485 U.S. 224 (1988), the Supreme Court held that in a federal securities fraud class action, if the plaintiff proves that the defendant’s shares are publicly traded on an efficient, well developed market and that the plaintiff purchased shares of the defendant after the defendant made material false representations and before the truth about these misrepresentations was revealed, then a rebuttable presumption arises that the plaintiff relied on the defendant’s misrepresentations in purchasing the shares

District Court dismisses subprime class action case with prejudice

Edwards Wildman Palmer LLP
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USA
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October 20 2010

The U.S. District Court in Manhattan recently dismissed a securities class action brought by a proposed class of investors, alleging that the company and two of its senior officers violated Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and SEC Rule 10b-5 by making false or materially misleading disclosures about the company’s risk management and exposure to mortgage-related securities

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