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Results: 1-10 of 89

U.S. Supreme Court decision gives more latitude to defeat securities fraud class action lawsuits prior to class certification

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • June 25 2014

In Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317, __ S Ct. __, 2014 WL 2807181 (U.S. June 23, 2014), the United States Supreme Court

Second Circuit holds that the Private Securities Litigation Reform Act of 1995 bars all RICO claims based upon alleged acts of securities fraud

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • July 21 2011

In MLSMK Investment Co. v. JP Morgan Chase & Co., No. 10-3040-cv, 2011 WL 2640579 (2d Cir. July 7, 2011), the United States Court of Appeals for the Second Circuit affirmed the dismissal of claims brought under the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. 1962 and 1964, seeking to hold defendants liable for allegedly conspiring with Bernard L. Madoff to perpetrate his now-infamous Ponzi scheme

Siemens whistleblower complaint underscores need for "top-down" anti-corruption compliance

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • January 28 2013

In 2008, Siemens AG paid $800 million to settle charges that it had violated the Foreign Corrupt Practices Act, which generally prohibits bribery of

Ninth Circuit declines application of loss causation principles in Dura Pharmaceuticals in connection with criminal securities fraud

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • 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 reverses dismissal of securities fraud complaint on loss causation grounds despite three-month delay between corrective disclosure and market reaction

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • September 22 2008

In In re Gilead Sciences Securities Litigation, 536 F.3d 1049 (9th Cir. 2008), a three-judge panel of the United States Court of Appeals for the Ninth Circuit reversed the dismissal of a securities fraud complaint that the district court had held failed to plead loss causation due to the passage of time between the disclosure of the alleged fraud and the drop in the company’s stock price

Tenth Circuit affirms high standard for scienter pleading in securities fraud cases against independent auditors

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • February 2 2011

In Dronsejko v Grant Thornton, Nos 09-4222 and 10-4074, US App LEXIS 1052 (10th Cir. Jan. 20, 2011), the United States Court of Appeals for the Tenth Circuit affirmed a decision by the United States District Court for the District of Utah dismissing a securities fraud class action brought by investors in iMergent against its independent auditor, Grant Thornton

Longest prison sentence yet in FCPA case

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • November 16 2011

On October 26, 2011, Joel Esquenazi was sentenced to 15 years in prison for committing and conspiring to commit both money laundering and violations of the Foreign Corrupt Practices Act (“FCPA”

Second Circuit reaffirms continued use of the "knowing possession" causation standard in Rajaratnam insider trading case

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • June 28 2013

In United States v. Rajaratnam, No. 11-4416-CR, 2013 U.S. App. LEXIS 12885 (2d Cir. June 24, 2013), the United States Court of Appeals for the Second

FCPA and anti-corruption enforcement update: April - September 2012

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • October 24 2012

We regularly report on Foreign Corrupt Practices Act ("FCPA") developments and have furnished subscribers with a primer on the FCPA

New York's high court rejects attempts to expand liability of outside professional service providers for failing to detect corporate fraud

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • October 27 2010

In Kirschner v. KPMG LLP, 2010 NY Slip Op. 07415, 2010 WL 4116609 (N.Y. Oct. 21, 2010), a majority of the New York Court of Appeals declined to expand liability of outside professional service providers who allegedly failed to detect or stop corporate wrongdoing