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Supreme Court to clarify “inquiry notice” standard for securities fraud statute of limitations

  • Alston & Bird LLP
  • -
  • USA
  • -
  • July 7 2009

Last month, the Supreme Court granted certiorari to clarify the much-litigated issue of when plaintiffs are deemed to have "inquiry notice" of their claims sufficient to trigger running of the statute of limitations for federal securities fraud claims

SEC adopts Final Rules and guidance defining “security-based swap dealer” and “major security-based swap participant” in cross-border transactions

  • Alston & Bird LLP
  • -
  • USA
  • -
  • July 23 2014

On June 25, 2014, the Securities and Exchange Commission (SEC) adopted the first of a series of rules on cross-border security-based swap activities

Court grants Daubert motion, excluding loss causation and damages opinions of plaintiffs’ expert

  • Alston & Bird LLP
  • -
  • USA
  • -
  • July 11 2008

In a recent decision, In re Xcelera.com Securities Litigation, No. 00-11649 (D. Mass. Apr. 25, 2008), Judge D.J. Zobel of the United States District Court for the District of Massachusetts was called upon to assess the testimony of a putative expert witness, Dr. Scott Hakala, tendered by the plaintiffs in a pending securities fraud class action

Court rejects proposed class representative for inadequate knowledge of the litigation

  • Alston & Bird LLP
  • -
  • USA
  • -
  • August 15 2008

The court in In re Monster Worldwide, Inc. Securities Litigation, No. 07 Civ. 2237, 2008 WL 2721806 (S.D.N.Y. July 14, 2008), rejected as insufficient a proposed class representative due to “inadequate familiarity with, and concern for, the litigation.”

How hedge funds and private equity firms can manage Foreign Corrupt Practices Act risks

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 27 2013

In recent years, the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have aggressively investigated and enforced both

Three former employees of direct access partners plead guilty to FCPA and related charges

  • Alston & Bird LLP
  • -
  • USA
  • -
  • September 9 2013

On August 30, the Justice Department announced that three former employees of a New York-based broker-dealer, Direct Access Partners (DAP), entered

The Supreme Court to revisit the “fraud-on-the-market” presumption

  • Alston & Bird LLP
  • -
  • USA
  • -
  • June 28 2012

In 1988, in Basic Inc. v. Levinson, the Supreme Court first recognized that investors seeking to pursue claims under Section 10(b) of the Securities Exchange Act of 1934 may invoke in an appropriate case a rebuttable presumption of reliance based on the “fraud-on-the-market” theory

Second Circuit rules that state law consumer fraud class action brought by holders of debt securities was properly removed under CAFA

  • Alston & Bird LLP
  • -
  • USA
  • -
  • May 30 2008

In the recent decision, Pew v. Cardarelli, No. 06-5703-MV, 2008 WL 2042809, at 1 (2d Cir. May 13, 2008), the Second Circuit Court of Appeals held that a putative state law consumer fraud class action brought by the holders of certain debt instruments was properly removed to federal court under the Class Action Fairness Act of 2005 (“CAFA”), Pub.L. No. 109-2, 119 Stat. 4

Northern District of Georgia rules that allegations of accounting fraud fail under Tellabs standard

  • Alston & Bird LLP
  • -
  • USA
  • -
  • May 28 2008

In a recent securities fraud class action decision, Skubella v. CheckFree Corp., Civil Action No. 1:07-CV-796-TWT, 2008 WL 1902118 (N.D. Ga. Apr. 25, 2008), the U.S. District Court for the Northern District of Georgia granted the defendants’ motion to dismiss for failure to state a claim under the pleading requirements of the Private Securities Litigation Reform Act (the "Reform Act"

SEC charges Hank Greenberg and Howard Smith for roles in alleged AIG accounting violations

  • Alston & Bird LLP
  • -
  • USA
  • -
  • August 6 2009

Today, the SEC announced that it had filed charges in the U.S. District Court for the Southern District of New York against former AIG Chairman and Chief Executive Officer Maurice “Hank” Greenberg and former Vice Chairman and Chief Financial Officer Howard Smith for their alleged involvement in “numerous improper accounting transactions that inflated AIG's reported financial results between 2000 and 2005.”