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Ninth Circuit reaffirms particularity requirement in securities fraud actions for pleading scienter

Sheppard Mullin Richter & Hampton LLP
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USA
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February 3 2009

In Zucco Partners, LLC v. Digimarc Corp., 2009 WL 57081 (9th Cir. Jan. 12, 2009), the United States Court of Appeals for the Ninth Circuit reaffirmed that when pleading a claim for securities fraud under the Private Securities Litigation Reform Act of 1995 (the “Reform Act”), plaintiffs are bound by prior Ninth Circuit authority that requires them to plead particularized facts giving rise to a strong inference that defendants knew, or were deliberately reckless in not knowing, that their statements were false when made

Second Circuit holds that "interpositioning" transactions do not constitute deceptive acts to support criminal securities fraud liability

Sheppard Mullin Richter & Hampton LLP
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USA
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August 5 2008

In United States v. Finnerty, 2008 U.S. App. LEXIS 15296 (2d Cir. July 18, 2008), the United States Court of Appeals for the Second Circuit set aside a guilty verdict imposing securities fraud liability against a New York Stock Exchange Specialist who engaged in “interpositioning” and “trading ahead” transactions, on the ground that the prosecution failed to prove that the defendant’s conduct constituted deceptive conduct under the federal securities laws

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

Sheppard Mullin Richter & Hampton LLP
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USA
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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

Ninth Circuit allows reinstatement of criminal fraud charges against defendants who voluntarily cooperated with SEC investigators

Sheppard Mullin Richter & Hampton LLP
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USA
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April 30 2008

In United States v. Stringer, 2008 WL 901563 (9th Cir. Apr. 4, 2008), the United States Court of Appeals for the Ninth Circuit vacated a final order of the United States District Court for the District of Oregon that had dismissed criminal indictments against three individual defendants

Render unto Caesar what is Caesar's ... or else: the expansion of False Claims Act liability to the retention of overpayments

Sheppard Mullin Richter & Hampton LLP
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USA
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June 11 2009

On May 29, 2009, President Obama signed into law the Fraud Enforcement and Recovery Act of 2009 ("FERA"

Second Circuit reverses order disqualifying defense counsel in suit over demutualization of insurance company

Sheppard Mullin Richter & Hampton LLP
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USA
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October 13 2009

In Murray v. Metropolitan Life Ins. Co., No. 09-3716-CV, 2009 WL 3080462 (2d Cir. Sept. 29, 2009), the United States Court of Appeals for the Second Circuit reversed an order by the district court disqualifying defense counsel for a life insurance company in an action alleging fraud in connection with the demutualization of defendant life insurance company

Third Circuit applies Tellabs to reject motive and opportunity test in favor of a "holistic approach" to pleading scienter in securities fraud actions

Sheppard Mullin Richter & Hampton LLP
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USA
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June 18 2009

In Institutional Investors Group v. Avaya, Inc., 2009 U.S. App. LEXIS 9110 (3d Cir. April 30, 2009), a panel of the United States Court of Appeals for the Third Circuit applied the United States Supreme Court’s 2007 decision in Tellabs, Inc. v. Makor Issues & Rights, Ltd., 551 U.S. 308 (2007), for the first time to existing case law in the Third Circuit

International highlights

Sheppard Mullin Richter & Hampton LLP
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European Union, United Kingdom, USA
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January 9 2008

On 19 December 2007, the UK's Office of Fair Trading ("OFT") announced that it had charged three UK businessmen with cartel offences under the Enterprise Act 2002

Supreme Court severely limits secondary actors' exposure to securities fraud lawsuits

Sheppard Mullin Richter & Hampton LLP
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USA
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January 17 2008

In Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc., 2008 WL 123801 (U.S. Jan. 15, 2008) (Kennedy, J.), the Supreme Court rejected an attempt by a class action plaintiff to assert securities fraud claims against suppliers and customers of an issuer in whose stock the plaintiff invested

Line in the sand: Siemens Argentina case limits personal jurisdiction under the FCPA

Sheppard Mullin Richter & Hampton LLP
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Argentina, USA
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March 8 2013

A New York federal district court judge has dismissed a Foreign Corrupt Practices Act ("FCPA") claim against a former executive of Siemens, S.A

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Search results

Ninth Circuit reaffirms particularity requirement in securities fraud actions for pleading scienter

Second Circuit holds that "interpositioning" transactions do not constitute deceptive acts to support criminal securities fraud liability

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

Ninth Circuit allows reinstatement of criminal fraud charges against defendants who voluntarily cooperated with SEC investigators

Render unto Caesar what is Caesar's ... or else: the expansion of False Claims Act liability to the retention of overpayments

Second Circuit reverses order disqualifying defense counsel in suit over demutualization of insurance company

Third Circuit applies Tellabs to reject motive and opportunity test in favor of a "holistic approach" to pleading scienter in securities fraud actions

International highlights

Supreme Court severely limits secondary actors' exposure to securities fraud lawsuits

Line in the sand: Siemens Argentina case limits personal jurisdiction under the FCPA

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