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Court dismisses securities fraud claim for failure to allege economic loss

Katten Muchin Rosenman LLP
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USA
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January 27 2012

Notwithstanding a high level corporate officer’s allegedly duplicitous conduct, the U.S. District Court for the Western District of Pennsylvania recently dismissed a securities fraud claim based on the plaintiff’s failure to allege economic loss attributable to the alleged misrepresentation of the defendant

Adverse domination statute of limitations doctrine limited

Katten Muchin Rosenman LLP
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USA
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January 13 2012

The U.S. Court of Appeals for the Seventh Circuit last week held that the Illinois doctrine of adverse domination for tolling the statute of limitations on an action does not apply where a defendant was not a co-conspirator of a wrong-doing officer or director

Ninth Circuit revisits Merck rules on securities fraud limitations period

Katten Muchin Rosenman LLP
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USA
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December 9 2011

The U.S. Court of Appeals for the Ninth Circuit overturned a district court’s holding that a securities fraud claim was time-barred, noting that the 2010 Supreme Court case Merck & Co. v. Reynolds had rejected “inquiry notice” as the bright-line test for the limitations period

FINRA adopts best execution and interpositioning rule changes

Katten Muchin Rosenman LLP
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USA
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December 9 2011

As previously reported in the October 21, 2011 edition of Corporate & Financial Weekly Digest, the Financial Industry Regulatory Authority (FINRA) had previously proposed to adopt NASD Rule 2320 (Best Execution and Interpositioning) and Interpretive Material 2320 (Interpretive Guidance with Respect to Best Execution Requirements) as FINRA Rule 5310 in the consolidated FINRA rulebook

Ninth Circuit allows discharge of debt related to securities law violation

Katten Muchin Rosenman LLP
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USA
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September 23 2011

The U.S. Court of Appeals for the Ninth Circuit has found that debts relating to a securities law violation could be discharged in a Chapter 7 bankruptcy proceeding if the debtor himself was not responsible for violating federal securities laws

Supreme Court creates bright line test under Rule 10b-5

Katten Muchin Rosenman LLP
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USA
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June 17 2011

The U.S. Supreme Court has found that a party that assists in the drafting and dissemination of a misleading statement related to the sale of a security - but that is not the legal entity ultimately responsible for the statement - will not be subject to liability for securities fraud under Securities and Exchange Commission Rule 10b-5

Absence of "hard numbers" scuttles securities fraud claims

Katten Muchin Rosenman LLP
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USA
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June 17 2011

The U.S. District Court for the Northern District of California dismissed securities fraud claims against a dental device maker based on the plaintiffs' failure to allege sufficient "hard numbers" showing that the defendants knew their public statements were false when made

SEC requires $5.4 million payment in first-ever Deferred Prosecution Agreement

Katten Muchin Rosenman LLP
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USA
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May 20 2011

The Securities and Exchange Commission entered into a Deferred Prosecution Agreement (DPA) with Tenaris S.A. in the SEC's first-ever use of such agreement to facilitate and reward cooperation with the SEC

District court dismisses complaint for failure to adequately plead scienter

Katten Muchin Rosenman LLP
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USA
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March 25 2011

Plaintiff asserted a securities class action complaint against Nextwave Wireless Inc., as well as certain of its officers and directors

Supreme Court rejects statistical significance as bright-line rule for materiality

Katten Muchin Rosenman LLP
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USA
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March 25 2011

The U.S. Supreme Court found that allegations of "statistical significance" were not a requirement for pleading materiality in a securities fraud action arising from a pharmaceutical company's alleged failure to disclose reports linking its cold remedy with loss of smell

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