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Ninth Circuit holds that federal securities laws preempt California Labor Code's ban on forced patronage at brokerage firms

Sheppard Mullin Richter & Hampton LLP
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USA
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May 9 2013

In McDaniel v. Wells Fargo Investments, LLC, Nos. 11-17017, 11-55859, 11-55943, 11-55958, 2013 WL 1405949 (9th Cir. Apr. 9, 2013), the United States

Delaware Supreme Court reverses Chancery Court dismissal of derivative plaintiff's Section 220 books and records action

Sheppard Mullin Richter & Hampton LLP
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USA
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February 4 2011

In King v. VeriFone Holdings, Inc., No. 330, 2010, 2011 WL 284966 (Del. Jan. 28, 2011), the Supreme Court of the State of Delaware reversed a decision by the Court of Chancery dismissing a derivative plaintiff’s action under Section 220 of the Delaware General Corporation Law seeking books and records of a Delaware corporation

Ninth Circuit applies heightened TwomblyIqbal pleading standard to allegations of tracing in a Section 11 claim

Sheppard Mullin Richter & Hampton LLP
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USA
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January 8 2013

In In re Century Aluminum Co. Securities Litigation, No. 11-15599, 2013 U.S. App. LEXIS 24 (9th Cir. Jan. 2, 2013), the United States Court of Appeals for

Seventh Circuit affirms dismissal of securities fraud class action, remanding question of sanctions against plaintiffs' counsel

Sheppard Mullin Richter & Hampton LLP
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USA
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April 9 2013

In City of Livonia Employee Retirement System v. Boeing Co., Nos. 12-1899, 12-2009 2013 WL 1197791 (7th Cir. Mar. 26, 2013), the United States Court

The Second Circuit finds no Section 16(b) violation where different securities of the same issuer are bought and sold

Sheppard Mullin Richter & Hampton LLP
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USA
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January 10 2013

In Gibbons v. Malone, No. 11-3620-cv, 2013 WL 57844 (2d Cir. Jan. 7, 2013), the United States Court of Appeals for the Second Circuit held that the

Second Circuit reverses class certification order, holding that a clearing broker's alleged knowledge of fraud against shareholders, absence direct involvement, is insufficient to create a duty of disclosure

Sheppard Mullin Richter & Hampton LLP
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USA
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March 27 2013

In Levitt v. J.P. Morgan Securities, Inc., No. 10-4596, 2013 WL 1007678 (2d Cir. Mar. 15, 2013), the United States Court of Appeals for the Second

Delaware Supreme Court affirms preclusive effect of non-Delaware dismissals and rejects irrebuttable presumption that a derivative plaintiff who fails to conduct a Section 220 inspection is an inadequate representative

Sheppard Mullin Richter & Hampton LLP
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USA
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April 23 2013

In Pyott v. Louisiana Municipal Police Employees' Retirement System, No. 380, 2012, 2013 WL 1364695 (Del. Apr. 4, 2013), the Delaware Supreme Court

Delaware Chancery Court rejects stockholder's Section 220 books and records demand based upon failure to demonstrate "credible basis" for inspection

Sheppard Mullin Richter & Hampton LLP
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USA
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November 14 2012

In Louisiana Municipal Police Employees’ Retirement System v. Lennar Corp., C.A. No. 7314-VCG, 2012 WL 4760881 (Del. Ch. Oct. 5, 2012), the Delaware Court of Chancery, on a motion for summary judgment, rejected a stockholder’s demand under Section 220 of the Delaware General Corporation Law (“Section 220”

First Circuit holds that Section 806 of the Sarbanes-Oxley Act extends only to employees of public companies, not employees of private companies who are contractors or subcontractors for covered public companies

Sheppard Mullin Richter & Hampton LLP
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USA
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February 15 2012

In Lawson v. FMR LLC, No. 10-2240, 2012 U.S. App. LEXIS 2085 (1st Cir. Feb. 3, 2012), the United States Court of Appeals for the First Circuit, in a case of first impression, held that the whistleblower provision in Section 806 of Sarbanes-Oxley Act of 2002, 18 U.S.C. 1514A (“SOX”), applies only to employees of public companies, and does not protect employees of private companies who are contractors or subcontractors for the covered public company

Ninth Circuit holds that SOX whistleblower provisions do not protect leaks to the media

Sheppard Mullin Richter & Hampton LLP
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USA
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May 10 2011

In Tides v. The Boeing Co., No. 10-35238, 2011 WL 1651245 (9th Cir. May 3, 2011), the United States Court of Appeals for the Ninth Circuit held that the whistleblower provisions of the Sarbanes-Oxley Act of 2002 ("SOX"), 18 U.S.C. 1514A(a)(1), do not protect employees of publicly traded companies who disclose information to the media

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