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49 results found

Article

Kramer Levin Naftalis & Frankel LLP | USA | 22 Nov 2016

Important Developments in Securities Fraud Cases Against Petrobras S.A.

For those funds that have owned or currently own the ADRs or debt of Petrobras S.A., the Brazilian state-owned oil company, there are important

Article

Kramer Levin Naftalis & Frankel LLP | USA | 24 Jun 2014

Supreme Court holds that defendants may use price impact evidence to rebut the fraud on the market doctrine at the class certification stage in federal securities fraud actions

Since last November -- when the Supreme Court granted certiorari in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 ("Halliburton II"), to

Article

Kramer Levin Naftalis & Frankel LLP | USA | 23 Dec 2013

Supreme Court to address the fiduciary presumption of prudence in ERISA "stock drop" class action litigation

On December 13, the Supreme Court granted certiorari in Fifth Third Bancorp v. Dudenhoeffer, No. 12- 751, to clarify whether plaintiffs asserting

Article

Kramer Levin Naftalis & Frankel LLP | USA | 20 Nov 2013

Supreme Court grants certiorari to address "fraud on the market" presumption in securities class actions

On November 15, in a much-anticipated move, the Supreme Court granted certiorari in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317, to

Article

Kramer Levin Naftalis & Frankel LLP | USA | 12 Mar 2013

Supreme Court addresses standards for class certification in federal securities fraud actions

On February 27, 2013, the Supreme Court issued its much-anticipated decision in Amgen, Inc. v. Connecticut Retirement Plans & Funds, 568 U.S. __

Article

Kramer Levin Naftalis & Frankel LLP | USA | 16 Aug 2012

Second Circuit addresses standard for pleading loss causation under Dura Pharmaceuticals

On August 1, 2012, the Second Circuit decided Acticon AG v. China North East Petroleum Holdings, Limited, No. 11-4544-cv, considering the standard for pleading loss causation -- that is, the necessary causal relationship between an alleged fraud and actual economic loss -- in private civil actions under Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5.

Article

Kramer Levin Naftalis & Frankel LLP | USA | 15 Jun 2012

Supreme Court grants certiorari to address question whether plaintiffs must prove materiality prior to class certification in federal securities fraud actions

For over 20 years, the “fraud on the market” theory under Basic Inc. v. Levinson, 485 U.S. 224 (1988), has been a key tool for plaintiffs in class action securities fraud litigation.

Article

Kramer Levin Naftalis & Frankel LLP | USA | 14 Jun 2011

Securities litigation alert: Supreme Court narrows scope of primary liability in federal securities fraud actions

Over 15 years ago, in Central Bank of Denver, N.A. v. First Interstate Bank of Denver, N.A., 511 U.S. 164 (1994), the Supreme Court held that Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5 do not permit private civil plaintiffs to recover on an aiding and abetting theory.

Article

Kramer Levin Naftalis & Frankel LLP | USA | 10 Jun 2011

Supreme Court holds that, at class certification stage, proof of loss causation not required to establish “fraud on the market”

On June 6, 2011, the Supreme Court issued its decision in Erica P. John Fund, Inc. v. Halliburton Co., No. 09-1403, resolving a circuit split and unanimously holding that in proposed class actions under Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5, proof of loss causation is not a prerequisite to class certification.

Article

Kramer Levin Naftalis & Frankel LLP | USA | 2 Feb 2011

Recent developments to retaliation claims under the Sarbanes-Oxley Act

Section 806 of the Sarbanes-Oxley Act (2002) protects employees of public companies who 'blow the whistle' by reporting conduct that they reasonably believe constitutes a violation of federal law relating to financial, securities or shareholder fraud.

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