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Article

Orrick, Herrington & Sutcliffe LLP | USA | 21 Aug 2012

Second Circuit revives securities fraud class action, finding economic loss where stock price rebounds soon after fraud is disclosed

Imagine a plaintiff who buys stock in a company that subsequently discloses a misstatement in its financial statements that existed at the time plaintiff invested.

Article

Orrick, Herrington & Sutcliffe LLP | USA | 25 Jun 2010

U.S. Supreme Court limits extraterritorial application of securities fraud statute

In a decision which will have a major impact on non-US securities issuers and their service providers, the United States Supreme Court announced a new "bright-line" test barring the extraterritorial application of the U.S. securities laws to claims asserted by foreign purchasers of a foreign issuer's shares on a foreign exchange (so-called "f-cubed" plaintiffs).

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