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Results: 1-10 of 17

Revisions of earnings forecasts fail to support securities fraud claims

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • August 5 2011

A federal court in Texas dismissed a purported securities fraud class action against a clothing retailer because the claims (a) were based on deficient confidential witness statements and (b) failed to demonstrate that the company’s inaccurate earnings projections were made with knowledge of falsity

Lender's good faith scuttles breach of contract claim

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • August 5 2011

The U.S. Court of Appeals for the Fourth Circuit affirmed the summary judgment dismissal of a breach of contract claim asserted by a medical services company because the totality of the circumstances demonstrated that the lender complied with the loan agreement by acting in good faith when it declared default

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

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • 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
  • -
  • USA
  • -
  • 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

Whistleblower must provide information to the SEC to state a retaliation claim under Dodd-Frank

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • May 13 2011

A New York federal district court recently ruled that, with limited statutorily defined exceptions, a whistleblower asserting private relation claims under the Dodd-Frank Wall Street Reform and Consumer Protection Act must allege that the information he provided was reported to the Securities and Exchange Commission

Revision of earnings due to overbilling supports fraud claims

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • April 8 2011

Allegations that a medical device manufacturer knowingly overbilled insurance companies and reported these unrecoverable accounts as income were sufficient to support security fraud claims

Argentine instrumentality not the government's alter ego

  • Katten Muchin Rosenman LLP
  • -
  • Argentina, USA
  • -
  • March 4 2011

An instrumentality of the Republic of Argentina could not be deemed the government's alter ego based on its role in implementing Argentina's energy policies and thus was not liable for the country's bond debts

Mere failure to disclose unfavorable regulation is insufficient to establish scienter

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • January 28 2011

The U.S. Court of Appeals for the First Circuit affirmed dismissal of securities fraud claims against a technology company, holding that the plaintiffs failed to establish that the failure to disclose unfavorable regulatory changes in Japan was a result of defendants' wrongful intent

Plaintiffs fail to allege facts of purposeful deceit

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • September 10 2010

Allegations that the directors of a technology company inflated the firm's business prospects and understated its potential liabilities will not support a claim for securities fraud because the plaintiffs did not sufficiently allege that the directors knew these projections were false when made

Directors subject to personal liability for alleged securities fraud

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • September 10 2010

The principals of a pharmaceutical company could be held personally liable for securities fraud based on allegations that the defendants misled investors and used the firm as an alter ego for their own interests