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Tellabs, Inc v Makor Issues & Rights, Ltd - encouraging early dismissal of flawed shareholder complaints

Alston & Bird LLP
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USA
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January 23 2008

Congress passed the Private Securities Litigation Reform Act 12 years ago to curb abuses in securities fraud class actions

Alston & Bird prevails by obtaining dismissal with prejudice

Alston & Bird LLP
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USA
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January 26 2009

Alston & Bird (“A&B”) obtained a dismissal with prejudice in a recent case of great significance to an industry plagued by a wave of class action filings

SEC adopts pooled investment vehicle anti-fraud rule

Alston & Bird LLP
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USA
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August 10 2007

On July 11, 2007, the Securities and Exchange Commission (the “SEC” or “Commission”) unanimously adopted Rule 206(4)-8 (“the Rule”), in order to clarify its authority to regulate advisers to hedge funds and similar investment vehicles

Senate Banking Committee holds hearing on Madoff Ponzi scheme and the need for regulatory reform

Alston & Bird LLP
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USA
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January 27 2009

Today, the Senate Committee on Banking, Housing and Urban Affairs held a hearing entitled “Madoff Investment Securities Fraud: Regulatory and Oversight Concerns and the Need for Reform."

Fifth Circuit affirms dismissal of complaint where alleged “corrective disclosure” was insufficient to establish loss causation

Alston & Bird LLP
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USA
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September 23 2008

The Fifth Circuit recently upheld the dismissal of a securities fraud class action due to the plaintiffs’ failure to plead the mandatory requirement of loss causation

House Financial Services Subcommittee holds second hearing to assess Madoff alleged Ponzi scheme and the need for regulatory reform

Alston & Bird LLP
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USA
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February 4 2009

Today, the House Financial Services Committee's Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises held a hearing to continue assessing the alleged $50 billion investment fraud engineered by Bernard L. Madoff

The Court of Appeals rules that Sarbanes-Oxley cannot revive time-barred claims

Alston & Bird LLP
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USA
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May 13 2008

The United States District Court for the Middle District of Alabama had previously held in Berman v. Blount Parrish & Co., Inc., 523 F. Supp. 2d 1298 (M.D. Ala. 2007), that Sarbanes-Oxley’s extension of the statute of limitations period for certain securities fraud claims cannot be used to revive already stale claims

The Eleventh Circuit rules that Sarbanes-Oxley does not revive time-barred claims

Alston & Bird LLP
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USA
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May 6 2008

As noted previously on this site, the United States District Court for the Middle District of Alabama held in Berman v. Blount Parrish & Co., Inc., 523 F. Supp. 2d 1298 (M.D. Ala. 2007), that Sarbanes-Oxley’s extension of the statute of limitations period for certain types of securities fraud claims cannot be used to revive already stale claims

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

Alston & Bird LLP
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USA
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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

Stoneridge prevents certification of claims against law firm

Alston & Bird LLP
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USA
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May 27 2008

While several courts have applied the Supreme Court’s decision on secondary actor liability in Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc., 128 S. Ct. 761 (2008), to motions for dismissal or summary judgment, a recent opinion from the Eastern District of Pennsylvania demonstrates that this decision can also be useful to defendants facing motions to certify a class

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