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Weak internal controls and GAAP violations supported inference of scienter in securities class action

Katten Muchin Rosenman LLP
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USA
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December 18 2009

The U.S. District Court for the Southern District of New York denied defendants’ motion to dismiss in a consolidated securities class action lawsuit, where defendant corporation had to restate its financials after making a series of disclosures regarding poor accounting controls

Court denies request for preliminary injunction to delay shareholder meeting

Katten Muchin Rosenman LLP
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USA
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February 12 2010

The U.S. District Court for the Southern District of New York recently denied a request by a co-founder and director of Enzo Biochem, Inc. for a preliminary injunction to delay the company’s shareholder meeting by 45 days

Second Circuit holds that corporations cannot be sued under alien tort statute

Katten Muchin Rosenman LLP
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USA
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September 24 2010

The U.S. Court of Appeals for the Second Circuit has ruled that corporations are not subject to liability under “customary international law”, otherwise known as the “law of nations” and that, as such, corporations cannot be held liable under the U.S. Alien Tort Statute

Improper accounting adjustments held insufficient basis for securities fraud claims

Katten Muchin Rosenman LLP
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USA
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March 18 2011

A federal district court in California recently dismissed class action securities fraud claims arising out of several improper accounting adjustments made by VeriFone Holdings, Inc

Unnamed class member could not bring separate suit for disgorgement of attorneys’ fees

Katten Muchin Rosenman LLP
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USA
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November 19 2010

Nine months after the U.S. District Court for the Southern District of Texas approved a fee application in the In re Enron class action litigation, plaintiff Michael Brown, an unnamed member of the class, brought a new action in the same court, asserting claims of fraud and breach of fiduciary duty against Thomas Bilek and his law firm, seeking disgorgement of the $16 million in attorneys’ fees awarded Mr. Bilek for his work in the litigation

Class certification of fraud claim denied

Katten Muchin Rosenman LLP
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USA
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January 28 2011

A federal district court recently held that a group of aggrieved consumers will not be able to pursue their fraud claims as a class against the company that purportedly deceived them because the company's growing awareness that the customers would not receive their merchandise raised questions of fact requiring individualized adjudication

Delaware has jurisdiction over corporation based on claims arising out of performance of predecessor's contracts

Katten Muchin Rosenman LLP
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USA
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June 10 2011

The Superior Court of Delaware recently denied a motion to dismiss for lack of personal jurisdiction, holding that, following a merger, the defendant corporation continued to transact business within Delaware and, in connection with that business, caused injury within the state

Directors' bonuses tied to sale rendered them interested

Katten Muchin Rosenman LLP
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USA
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June 10 2011

The Delaware Court of Chancery sustained in part the claims of a plaintiff investor challenging a company's sale of its primary asset based upon allegations that the vote of the individual director defendants approving the sale was tainted by bonuses they received tied to that sale

Seventh Circuit cuts damages award due to lack of evidence of lost profits

Katten Muchin Rosenman LLP
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USA
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September 9 2011

The U.S. Court of Appeals for the Seventh Circuit dramatically reduced damages awarded to a defunct internet marketing company, finding that the company squandered its opportunity to provide a reasonable estimate of the harm it suffered as a result of the defendant’s conduct

Creditors of insolvent limited liability companies cannot sue derivatively

Katten Muchin Rosenman LLP
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USA
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September 9 2011

The Supreme Court of Delaware recently held that creditors of insolvent Delaware limited liability companies (LLCs) lack standing to bring derivative suits on behalf of the LLCs

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