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Results: 1-10 of 3,739

Federal court dismissed securities fraud claims

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • January 4 2008

Dismissing plaintiff corporation’s securities fraud action, a district court held, among other things, that plaintiff failed to plead scienter with the particularity required by the Private Securities Litigation Reform Act (PSLRA

Court oks pre-effective shorting of PIPE shares

  • Lowenstein Sandler PC
  • -
  • USA
  • -
  • January 7 2008

Yesterday, Judge Sidney Stein of the United Stated District Court for the Southern District of New York handed the SEC a significant defeat, ruling in Securities and Exchange Commission v. Lyon (“Gryphon Partners”) that a PIPE investor did not violate Section 5 of the Securities Act of 1933, as amended (the “Act”), by shorting shares purchased in the PIPE and then covering the short sales with the PIPE shares once a resale registration statement had been declared effective

"Literally true" statement in a prospectus can still support a federal securities claim if, in context, the statement is materially misleading

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • January 7 2008

In Miller v. Thane Int’l, Inc., 2007 WL 4147327 (9th Cir. Nov. 26, 2007), the Ninth Circuit held that even “literally true” statements in a prospectus may be actionable under Section 12(a) of the Securities Act of 1933 and, for the first time in the Ninth Circuit, held that a representation by a company that it would be listed on NASDAQ is material to investors

Absent class member not entitled to privileged work-product of lead counsel

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 2 2008

By Order dated December 27, 2007 a New York appeals court rejected an absent class member's bid to obtain the work product of lead counsel in the CA Inc. securities class action

Class action securities claims not removable to federal courts

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • February 9 2007

The District Court granted plaintiffs’ motion to remand two class actions which were removed to federal court by defendants, two mutual funds and their manager, pursuant to the Securities Litigation Uniform Standards Act of 1998 (SLUSA

$464 million attorney fee award approved in connection with $3.2 billion Tyco settlement

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • December 21 2007

In early November 2007, lead counsel responsible for achieving a $3.2 billion settlement in the Tyco securities class action sought court approval for a $464 million fee award

Bankruptcy court orders return of over $140 million of margin payments made by hedge fund to prime broker

  • Fried Frank Harris Shriver & Jacobson LLP
  • -
  • USA
  • -
  • February 16 2007

A recent bankruptcy court decision in the Southern District of New York may raise concern among brokerage firms which execute and clear brokerage transactions for hedge funds and similar investment vehicles

SEC supports heightened standards governing investors’ claims

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • February 16 2007

In an amicus curiae brief, the Securities and Exchange Commission urged the Supreme Court to vacate the Seventh Circuit’s decision in Makor Issues & Rights, Ltd. v. Tellabs, Inc., 437 F.3d 588 (7th Cir. 2006), on grounds that the Circuit Court misinterpreted the heightened pleading standards governing securities fraud claims imposed by the Private Securities Litigation Reform Act (PSLRA

Hedge fund portfolio manager charged with engaging in illegal "pipe" trading scheme

  • Sutherland Asbill & Brennan LLP
  • -
  • USA
  • -
  • February 8 2007

The SEC brought securities fraud and related charges against Joseph J. Spiegel, a former portfolio manager for Spinner Global Technology Fund, Ltd. (SGTF), a New York-based hedge fund, in the U.S. District Court for the District of Columbia

Supreme Court rejects third-party securities liability

  • Porter Wright Morris & Arthur LLP
  • -
  • USA
  • -
  • January 18 2008

Earlier this week the U.S. Supreme Court ruled in Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc. that stockholders cannot sue third parties that participate in a securities fraud scheme because the stockholders have not directly relied on the advice of the third parties

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