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Weak internal controls and GAAP violations supported inference of scienter in securities class action

Katten Muchin Rosenman LLP
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USA
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December 18 2009

The U.S. District Court for the Southern District of New York denied defendants’ motion to dismiss in a consolidated securities class action lawsuit, where defendant corporation had to restate its financials after making a series of disclosures regarding poor accounting controls

Start-up company fails to recover profits

Katten Muchin Rosenman LLP
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USA
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December 17 2010

A federal court in New York recently ruled that a start-up mineral water company had no recourse to the "wrongdoer rule," which permits a complainant to recover damages in a breach of contract action even if the amount of damages is uncertain, because the company did not have sufficient proof that it suffered any damages at all

Fiduciary duty claim survives against non-officer

Katten Muchin Rosenman LLP
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USA
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December 17 2010

A federal court in Kentucky recently ruled that a former manager at a medical device manufacturer could be liable for breach of fiduciary duty for planning to start a rival business while working at the company despite not serving as either an officer or director of the firm

Second Circuit holds that corporations cannot be sued under alien tort statute

Katten Muchin Rosenman LLP
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USA
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September 24 2010

The U.S. Court of Appeals for the Second Circuit has ruled that corporations are not subject to liability under “customary international law”, otherwise known as the “law of nations” and that, as such, corporations cannot be held liable under the U.S. Alien Tort Statute

Court denies request for preliminary injunction to delay shareholder meeting

Katten Muchin Rosenman LLP
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USA
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February 12 2010

The U.S. District Court for the Southern District of New York recently denied a request by a co-founder and director of Enzo Biochem, Inc. for a preliminary injunction to delay the company’s shareholder meeting by 45 days

Improper accounting adjustments held insufficient basis for securities fraud claims

Katten Muchin Rosenman LLP
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USA
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March 18 2011

A federal district court in California recently dismissed class action securities fraud claims arising out of several improper accounting adjustments made by VeriFone Holdings, Inc

Directors' bonuses tied to sale rendered them interested

Katten Muchin Rosenman LLP
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USA
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June 10 2011

The Delaware Court of Chancery sustained in part the claims of a plaintiff investor challenging a company's sale of its primary asset based upon allegations that the vote of the individual director defendants approving the sale was tainted by bonuses they received tied to that sale

Delaware court authorizes new theory of tortious interference with contract

Katten Muchin Rosenman LLP
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USA
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April 15 2011

Deciding an issue of first impression, the Superior Court of Delaware recently authorized the assertion of claims based on a new theory of tortious interference with contract, but ruled that the plaintiff failed to state a claim under that theory

Court finds Martin Act does not preempt non-fraud tort claims

Katten Muchin Rosenman LLP
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USA
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July 22 2011

Plaintiffs brought claim in New York federal court for common law fraud, negligent misrepresentation, and breach of fiduciary duty against Defendant ThinkStrategy Capital Management, LLC ("ThinkStrategy"), a "fund of funds" in which plaintiffs invested

Pennsylvania district court holds Swiss corporation is not alter ego of US corporation

Katten Muchin Rosenman LLP
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USA
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October 21 2011

The plaintiff, a corporation seeking to recover outstanding debts incurred by TCI Trans Commodities A.G. (TCI Switzerland), a bankrupt Swiss entity, sued Trans Commodities, Inc. (TCINY), a New York corporation, to collect the debt

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