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Paul Weiss | USA | 30 Mar 2017

Supreme Court to Examine Key Question of Securities Fraud Liability Based Solely on Omissions

On March 27, 2017, the Supreme Court granted certiorari in a potentially significant securities case addressing the scope of claims under Section


Paul Weiss | USA | 3 Oct 2016

Former MDC Partners Chief Accounting Officer Wins Dismissal of Securities Fraud Class Action

Judge Richard Sullivan of the Southern District of New York dismissed a securities fraud class action complaint against Paul, Weiss client Michael


Paul Weiss | USA | 22 Jul 2016

Second Circuit Expands the IndyMac Rule

In two recent federal securities fraud actions stemming from the 2008 financial crisis, the Second Circuit has affirmed that statutes of


Paul Weiss | USA | 9 Dec 2015

United States v. Litvak: Second Circuit Overturns Conviction, Holds Defense Is Entitled to Put Forward Expert Evidence on Materiality

On December 8, 2015, the Second Circuit overturned the convictions of a securities trader for alleged misrepresentations made to certain RMBS


Paul Weiss | USA | 20 Apr 2015

Second Circuit affirms dismissal of securities fraud suit on materiality grounds, embracing SEC staff accounting bulletin No. 99’s quantitative and qualitative factors as criteria for materiality at the motion to dismiss stage

On April 15, 2015, the Second Circuit issued an opinion in IBEW Local Union No. 58 Pension Trust Fund & Annuity Fund, et al. V. The Royal Bank of


Paul Weiss | USA | 14 Jan 2015

Second Circuit holds that omissions regarding “known trends” may support a section 10(b) claim, but imposes limitations on such claims

In Stratte-McClure v. Morgan Stanley, 2015 WL 136312 (2d Cir. Jan. 12, 2015), the Second Circuit held that omissions from Form 10-Q filings of


Paul Weiss | USA | 24 Jun 2014

Supreme Court declines to overrule or modify Basic, but allows rebuttal of price impact in opposing class certification

In Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317, the Supreme Court declined either to eliminate the fraud-on-the-market presumption


Paul Weiss | USA | 12 Jan 2011

Supreme Court hears oral argument in securities class action on materiality of adverse events

The Supreme Court Monday heard oral argument in Matrixx Initiatives Inc., et al. v. Siracusano, a putative securities class action involving the manufacturer of Zicam Cold Remedy.


Paul Weiss | USA | 10 Mar 2010

In re Omnicom: the Second Circuit continues to raise the bar to proving loss causation in securities fraud cases

In a significant decision issued yesterday in In re Omnicom Group, Inc. Securities Litigation, the United States Court of Appeals for the Second Circuit continued to develop its demanding standards of loss causation in cases brought under Section 10(b) of the Securities Exchange Act.

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