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Ninth Circuit reverses dismissal of securities fraud complaint on loss causation grounds despite three-month delay between corrective disclosure and market reaction
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • September 22 2008

In In re Gilead Sciences Securities Litigation, 536 F.3d 1049 (9th Cir. 2008), a three-judge panel of the United States Court of Appeals for the Ninth Circuit reversed the dismissal of a securities fraud complaint that the district court had held failed to plead loss causation due to the passage of time between the disclosure of the alleged fraud and the drop in the company’s stock price


Second Circuit reverses order disqualifying defense counsel in suit over demutualization of insurance company
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • October 13 2009

In Murray v. Metropolitan Life Ins. Co., No. 09-3716-CV, 2009 WL 3080462 (2d Cir. Sept. 29, 2009), the United States Court of Appeals for the Second Circuit reversed an order by the district court disqualifying defense counsel for a life insurance company in an action alleging fraud in connection with the demutualization of defendant life insurance company


Siemens whistleblower complaint underscores need for "top-down" anti-corruption compliance
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • January 28 2013

In 2008, Siemens AG paid $800 million to settle charges that it had violated the Foreign Corrupt Practices Act, which generally prohibits bribery of


Longest prison sentence yet in FCPA case
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • November 16 2011

On October 26, 2011, Joel Esquenazi was sentenced to 15 years in prison for committing and conspiring to commit both money laundering and violations of the Foreign Corrupt Practices Act (“FCPA”


Second Circuit applies Morrison to criminal prosecution under Section 10(b) and Rule 10b-5
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • October 23 2013

In United States v. Vilar, Case Nos. 10-521(L), 10-580(CON), 10-4639(CON), 2013 WL 4608948 (2d Cir. Aug. 30, 2013), the United States Court of


Dodd-Frank whistleblower protection: for America only
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • November 13 2013

The U.S. District Court for the Southern District of New York has held that the whistleblower protection provisions of the Dodd-Frank Act do not


Federal judge upholds DOJ's expansive application of FCPA
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • May 11 2011

On April 20, 2011, in a prosecution brought against Lindsey Manufacturing Company (“Lindsey”) and several of its officers and employees, a U.S. Federal District Court Judge ruled that the term “instrumentalities” applies to foreign state-owned enterprises under the Foreign Corrupt Practices Act (“FCPA”


Ninth Circuit affirms dismissal with prejudice of Corinthian Colleges securities fraud class action
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • August 5 2008

In Metzler Investment GMBH v. Corinthian Colleges, Inc., 2008 WL 2853402 (9th Cir. July 25, 2008), the United States Court of Appeals for the Ninth Circuit affirmed the dismissal with prejudice of a securities fraud class action, holding that plaintiffs had failed to plead the essential elements of loss causation, scienter and falsity consistent with the requirements of prevailing Supreme Court and Ninth Circuit authority


Clarity required: Iran sanctions convictions reversed in U.S. v. Banki
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • December 9 2011

Introduction: On October 24, 2011, a three-judge panel of the U.S. Court of Appeals for the Second Circuit released an opinion in United States v. Banki, No. 10-3381 (2d Cir. Oct. 24, 2011) that reversed convictions of Defendant Mahmoud Reza Banki on charges of conspiring to violate the Iranian Transaction Regulations (“ITR”) and aiding and abetting violations of the ITR


The Benefit of the Doubt: SEC Scores an Insider Trading Win Despite Newman’s Personal Benefit Requirement
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • March 9 2016

On February 29, 2016, in Securities and Exchange Commission v. Payton et al, a jury found two stockbrokers liable for trading on confidential tips