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Ninth Circuit allows SEC to proceed against director for insider trading even where director owed no fiduciary duty to company whose stock he traded
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- July 8 2008
In SEC v. Talbot, 2008 WL 2574513 (9th Cir. June 30, 2008), the United States Court of Appeals for the Ninth Circuit held that a board member could be liable for insider trading under the “misappropriation theory” where the board member owed no fiduciary duty to the company whose stock he traded
Ninth Circuit reaffirms existing precedent on materiality and "motive and opportunity" scienter allegations
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- December 7 2009
In Siracusano v. Matrixx Initiatives, Inc., 2009 WL 3448282 (9th Cir. Oct. 28, 2009), the United States Court of Appeals for the Ninth Circuit reversed and remanded a decision by the United States District Court for the District of Arizona granting defendant Matrixx Initiatives, Inc.’s (“Matrix”) motion to dismiss a putative securities fraud class action brought under Section 10(b) of Securities Exchange Act of 1934
Second Circuit rejects "collective scienter" theory for pleading a securities fraud claim against a corporation
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- July 17 2008
In Teamsters Local 445 Freight Division Pension Fund v. Dynex Capital Inc., 2008 WL 2521676 (2d Cir. June 26, 2008), the United States Court of Appeals for the Second Circuit held that in order to state a claim for securities fraud against a corporate defendant, plaintiffs may not rely upon the theory of “collective scienter,” but instead must plead a strong inference of scienter by the individual “who was responsible for the allegedly false or misleading statements made” by or on behalf of the corporation
Tenth Circuit holds corporate shareholders do not have standing under RICO to sue derivatively for alleged injuries to corporation
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- March 8 2010
In Bixler v. Foster, No. 09-2138, 2010 WL 597477 (10th Cir. Feb. 22, 2010), the United States Court of Appeals for the Tenth Circuit affirmed the dismissal of a class action lawsuit brought by minority shareholders of Mineral Energy and Technology Corporation (“METCO”) against its directors and lawyers
A new approach to FCPA enforcement - can the FCA be far behind?
- Sheppard Mullin Richter & Hampton LLP
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- United Kingdom, USA
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- March 19 2010
2010 is promising to be a banner year for enforcement of the Foreign Corrupt Practices Act ("FCPA"
Ninth Circuit declines application of loss causation principles in Dura Pharmaceuticals in connection with criminal securities fraud
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- December 9 2009
In United States v. Berger, No. 08-50171, 2009 WL 4141478 (9th Cir. Nov. 30, 2009), a three-judge panel of the United States Court of Appeals for the Ninth Circuit declined to apply loss causation principles in civil securities fraud litigation established by the United States Supreme Court in Dura Pharmaceuticals, Inc. v. Broudo, 544 U.S. 336, 342-48 (2005), in connection with the sentencing of a defendant in a criminal securities fraud prosecution
Ninth Circuit holds that district courts may reject, but may not select, lead plaintiffs' counsel in class actions brought under the Private Securities Litigation Reform Act
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- November 11 2009
In In re Cohen, No. 09-70378, 2009 WL 3681701 (9th Cir. Nov. 5, 2009), the United States Court of Appeals for the Ninth Circuit reversed an order by the United States District Court for the Northern District of California that rejected co-lead plaintiff’s selection of counsel and instead appointed a firm selected by the district court
In Omnicom Second Circuit provides guidance on what type of information will justify investor reliance for securities fraud
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- April 6 2010
In re Omnicom Group, Inc. Securities Litigation, No. 08-0612-CV, 2010 WL 774311 (2d Cir. Mar. 9, 2010), the United States Court of Appeals for the Second Circuit affirmed the district court’s grant of summary judgment dismissing a securities fraud class action for failure to proffer sufficient evidence to support a finding of loss causation
Whistleblower provision likely to increase FCPA risk
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- July 28 2010
Primarily as a result of the recent dramatic increase in the US government's enforcement effort, the Foreign Corrupt Practices Act (FCPA) has received a great deal of attention of late
United States Supreme Court limits scope of federal criminal "honest services" fraud statute
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- July 30 2010
In Skilling v United States, 2010 WL 2518587 (US Jun 24, 2010), the United States Supreme Court significantly limited the scope of a criminal statute used frequently by federal prosecutors to criminalize a wide range of behavior by business executives and public officials
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- Workarea - Litigation
- Workarea - White Collar Crime
- Firm Name - Sheppard Mullin Richter & Hampton LLP
- Jurisdiction - USA
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