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Second Circuit affirms Madoff trustee's net equity calculation

Katten Muchin Rosenman LLP
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USA
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August 19 2011

The United States Court of Appeals for the Second Circuit found in favor of the trustee (the Trustee) presiding over the liquidation of Bernard L. Madoff Investment Securities (BMIS), affirming the Trustee’s calculation of “net equity” in the BMIS liquidation

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

District court finds failure to disclose all relevant information renders statements misleading

Katten Muchin Rosenman LLP
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USA
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February 18 2011

The U.S. District Court for the District of Connecticut denied defendants’ motion to dismiss plaintiff’s complaint for securities fraud brought under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5

Attendance at executive committee meetings insufficient to satisfy group pleading doctrine

Katten Muchin Rosenman LLP
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USA
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October 22 2010

The U.S. District Court for the Southern District of New York recently granted defendants’ motions to dismiss a consolidated class action asserting claims for securities fraud in violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 brought by shareholders of Celestica, Inc., a Canadian electronics corporation, against the company and its former officers, as well as against Onex Corporation, the largest controlling shareholder of Celestica, and Onex’s CEO (together, the Onex defendants) based on, among other things, the plaintiffs’ failure to plead fraud with the specificity required by Rule 9(b) of the Federal Rules of Civil Procedure

SEC case against Mark Cuban revived

Katten Muchin Rosenman LLP
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USA
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September 24 2010

The U.S. Court of Appeals for the Fifth Circuit reversed a lower court ruling that had dismissed the Securities and Exchange Commission’s securities complaint against Mark Cuban

Stay of discovery under PSLRA does not apply during all motions to dismiss

Katten Muchin Rosenman LLP
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USA
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August 27 2010

Plaintiff brought a claim for securities fraud against a medical device corporation and certain employees, officers and board members of the corporation

Misrepresentations allegedly made after sale held insufficient to sustain securities fraud claim

Katten Muchin Rosenman LLP
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USA
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April 9 2010

The district court for the Eastern District of New York recently dismissed claims of securities fraud brought by a pro se plaintiff under Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder

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

Ninth Circuit rejects request to apply civil loss causation rule to sentencing

Katten Muchin Rosenman LLP
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USA
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December 11 2009

The Ninth Circuit recently declined to apply the loss causation rule applicable to civil securities fraud cases to the determination of the appropriate sentence for criminal securities fraud convictions

Eighth Circuit affirms dismissal of mortgage lender shareholders’ 10b-5 claims against auditors

Katten Muchin Rosenman LLP
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USA
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October 30 2009

Plaintiffs, shareholders in UCAP, Inc., a multi-state provider of mortgage lending and brokerage services, brought a 10b-5 action against several UCAP executives and UCAP’s outside auditor, Moore Stephens Frost, PLC (MSF

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