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Results: 1-10 of 90

Even the bagman: foreign agent sentenced to thirty month prison term for FCPA violations

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • January 17 2012

On December 22, 2011, Ousama Naaman, a former agent for Innospec Inc., was sentenced to serve 30 months in prison and pay a fine of $250,000 following his guilty plea to charges of violating the FCPA and conspiracy to violate the FCPA, among others

Ninth Circuit rejects theory of "collective scienter" and reaffirms pre-Tellabs authority applying heightened requirements for pleading scienter in securities fraud actions

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • December 4 2008

In Glazer Capital Management, LP v. Magistri, 2008 WL 5003306 (9th Cir. Nov. 26, 2008), the United States Court of Appeals for the Ninth Circuit held that when pleading scienter as to a corporate defendant, the Private Securities Litigation Reform Act of 1995 (the “Reform Act”) “requires plaintiff to plead scienter with respect to those individuals who actually made the false statements.”

Eleventh Circuit affirms dismissal of options backdating securities fraud class action for failure to meet Reform Act's heightened pleading standards

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • February 12 2010

In Edward J. Goodman Life Income Trust v. Jabil Circuit, Inc., No. 09-10954, 2010 WL 154519 (11th Cir. Jan. 19, 2010), the United States Court of Appeals for the Eleventh Circuit affirmed the dismissal of securities fraud and insider trading claims arising out of options backdating

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

In Omnicom Second Circuit provides guidance on what type of information will justify investor reliance for securities fraud

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • 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

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

Second Circuit holds that allegations of direct fraudulent representations are necessary for market manipulation claims under Section 10(b) and Rule 10b-5

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • May 24 2013

In Fezzani v. Bear, Stearns & Co., Inc., No. 09-4414-cv, 2013 WL 1876534 (2d Cir. May 7, 2013), a 2-1 majority of a panel of the United States Court

Tenth Circuit holds corporate shareholders do not have standing under RICO to sue derivatively for alleged injuries to corporation

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • 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

Ninth Circuit latest to permit corporate liability under alien tort statute; Supreme Court to resolve circuit split in 2012

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • November 23 2011

In Sarei v. Rio Tinto, PLC, Nos. 02-56256, 02-56390, 09-56381, 2011 WL 5041927 (9th Cir. Oct. 25, 2011), the United States Court of Appeals for the Ninth Circuit became the latest Circuit to hold that corporations may be held liable under the Alien Tort Statute (“ATS”), 28 U.S.C. 1350

Ninth Circuit affirms dismissal with prejudice of Corinthian Colleges securities fraud class action

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • August 5 2008

In Metzler Investment GMBH v. Corinthian Colleges, Inc., 2008 WL 2853402 (9th Cir. July 25, 2008), the United States Court of Appeals for the Ninth Circuit affirmed the dismissal with prejudice of a securities fraud class action, holding that plaintiffs had failed to plead the essential elements of loss causation, scienter and falsity consistent with the requirements of prevailing Supreme Court and Ninth Circuit authority