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Insider stock sales that were not unusual did not raise inference of scienter
- Katten Muchin Rosenman LLP
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- USA
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- July 10 2009
Plaintiffs, purchasers of the common stock of a sportswear manufacturing company, commenced a class action litigation against the company and two of its officers and directors, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934
Remand appropriate because fraud claim did not necessarily raise federal issue
- Katten Muchin Rosenman LLP
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- USA
- -
- July 10 2009
The plaintiff filed a complaint in California state court alleging four state law causes of action, including claims for fraud, in connection with a "hostile takeover" of the plaintiff
Court denies motion to dismiss claims against “winners” of Ponzi scheme
- Katten Muchin Rosenman LLP
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- USA
- -
- May 29 2009
The receiver of a collapsed Ponzi scheme orchestrated and maintained by Val Edmund Southwick brought an action for fraudulent transfer and unjust enrichment against two consultants to Mr. Southwick’s organizations who allegedly received millions of dollars in consulting fees during the period in which he operated the Ponzi scheme
Investors in municipal bonds sufficiently pleaded scienter
- Katten Muchin Rosenman LLP
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- USA
- -
- May 29 2009
The U.S. District Court for the Northern District of California held that scienter was sufficiently pleaded in a proposed counterclaim set forth by investors in municipal bond notes against the issuing city and its underwriter
Third Circuit affirms in part dismissal of securities action based on forward-looking statements
- Katten Muchin Rosenman LLP
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- USA
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- May 8 2009
The Third Circuit Court of Appeals affirmed in part the dismissal of a shareholder class action against Avaya, Inc. and two of its officers, holding that certain of defendants’ allegedly false statements were forward-looking and therefore protected by the Private Securities Litigation Reform Act’s (PSLRA’s) safe-harbor provisions
Federal court holds scienter sufficiently pleaded and denies motion to dismiss securities fraud claims
- Katten Muchin Rosenman LLP
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- USA
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- May 8 2009
A federal district court has ruled that plaintiffs in a securities fraud action against an investment fund and its advisors sufficiently pleaded claims under Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5
Attorney's motion to dismiss federal securities law claims denied
- Katten Muchin Rosenman LLP
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- USA
- -
- April 3 2009
Plaintiffs asserted claims under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder against an attorney who represented the co-defendant company, which allegedly offered and sold oil and gas securities in violation of state and federal securities laws
Complaint satisfied PSLRA’s strong inference of scienter requirement
- Katten Muchin Rosenman LLP
- -
- USA
- -
- April 3 2009
A federal district court denied a motion to dismiss class action claims filed against a gambling equipment company, its CEO and its CFO for violations of, among other things, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder
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- Workarea - Capital Markets
- Author - Cameron Balahan