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Sixth Circuit Splits with Second and Ninth Circuits regarding need to allege defendants' state of mind for claims challenging soft information under Section 11 of the Securities Act of 1933

Sheppard Mullin Richter & Hampton LLP
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USA
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June 12 2013

In Indiana State District Council of Laborers & Hod Carriers Pension & Welfare Fund v. Omnicare, Inc., 2013 WL 2248970 (6th Cir. May 23, 2013), the

Ninth Circuit reiterates that district courts must analyze allegations of scienter "holistically" in determining whether a plaintiff has adequately pleaded securities fraud claims

Sheppard Mullin Richter & Hampton LLP
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USA
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January 8 2013

In In re VeriFone Holdings, Inc. Securities Litigation, 2012 WL 6634351 (9th Cir. Dec. 21, 2012), the United States Court of Appeals for the Ninth Circuit

Second Circuit holds that allegations of direct fraudulent representations are necessary for market manipulation claims under Section 10(b) and Rule 10b-5

Sheppard Mullin Richter & Hampton LLP
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USA
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May 24 2013

In Fezzani v. Bear, Stearns & Co., Inc., No. 09-4414-cv, 2013 WL 1876534 (2d Cir. May 7, 2013), a 2-1 majority of a panel of the United States Court

Second Circuit reverses dismissal of Section 11 and 12(a)(2) claims, holding that plaintiff's allegations were sufficient to plead a reasonable inference of misrepresentations in a prospectus

Sheppard Mullin Richter & Hampton LLP
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USA
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March 11 2013

In New Jersey Carpenters Health Fund v. Royal Bank of Scotland Group, PLC, 2013 U.S. App. LEXIS 4317 (2d Cir. Mar. 1, 2013), the United States Court

Second Circuit affirms dismissal of securities fraud claims relating to allegedly misleading press release

Sheppard Mullin Richter & Hampton LLP
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USA
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February 15 2013

In Kleinman v. Elan Corporation, No. 11-3706-cv, 2013 WL 388006 (2d Cir. Feb. 1, 2013), the United States Court of Appeals for the Second Circuit

Eleventh Circuit affirms dismissal of options backdating securities fraud class action for failure to meet Reform Act's heightened pleading standards

Sheppard Mullin Richter & Hampton LLP
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USA
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February 12 2010

In Edward J. Goodman Life Income Trust v. Jabil Circuit, Inc., No. 09-10954, 2010 WL 154519 (11th Cir. Jan. 19, 2010), the United States Court of Appeals for the Eleventh Circuit affirmed the dismissal of securities fraud and insider trading claims arising out of options backdating

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

Second Circuit affirms dismissal of securities class action against CBS due to plaintiffs' failure to plead scienter and reliance

Sheppard Mullin Richter & Hampton LLP
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USA
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May 25 2012

In City of Omaha v. CBS Corp., No. 11-2575, 2012 U.S. App. LEXIS 9535 (2d Cir. May 10, 2012), the United States Court of Appeals for the Second Circuit reaffirmed its decision in Fait v. Regions Financial Corp., 655 F.3d 105 (2d Cir. 2011), which held that statements regarding goodwill and loan loss reserves were “opinions” that could only be actionable under Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. 78j(b), and Securities & Exchange Commission Rule 10b-5, 17 C.F.R. 240.10b-5, promulgated thereunder, if defendants did not genuinely believe the statements to be true at the time they were made

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

Federal Circuits grapple with standard of proof and the "fraud-on-the-market" presumption at class certification stage

Sheppard Mullin Richter & Hampton LLP
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USA
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October 2 2009

In recent years, a split among the circuits has developed in federal securities class actions with regard to the procedure and standard of proof required to certify a class

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