The 10b-5 Daily: Corporate & Securities Law

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Corporate & Securities Law

The 10b-5 Daily

News and events related to securities class action litigation. Containing all facts, with particularity, and an occasional dose of commentary.

Post Frequency: 1.8/day

Last Entry: May 17, 2013 at 21:58:03

Shrug, Concur, and Move On

Posted on May 17, 2013
In a famous market manipulation that lead to multiple criminal convictions, the A.R. Baron brokerage engaged in a pump-and-dump scheme to induce customers to purchase the securities of small companies at artificially inflated prices. Among many others, investors sued an...

What Next?

Posted on May 10, 2013
Based on the Supreme Court's recent decisions, a plaintiff is not required to prove the existence of loss causation (Halliburton) or materiality (Amgen) to certify an investor class. In the Halliburton case, however, the defendants pursued a related issue on...

Cornerstone Report On Accounting Cases

Posted on April 26, 2013
Cornerstone Research has issued a study of 2012 securities class actions involving accounting allegations. The notable findings include: (1) The number of accounting filings fell from 78 in 2011 to 45 in 2012. Two factors that contributed to this decline...

All The CLE You Could Possibly Want

Posted on April 19, 2013
It is not too late to sign up for PLI's Handling a Securities Case 2013: From Investigation to Trial and Everything in Between. The program takes place on Thursday, April 25 in New York and via webcast. The details can...

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Draining the Safe Harbor

Posted on April 12, 2013
Securities class actions alleging that a company issued false or misleading earnings guidance are frequently dismissed. Among other things, to overcome the PLSRA's safe harbor for forward-looking statements a plaintiff must adequately plead (a) the guidance was not accompanied by...

The Sun May Not Rise Tomorrow

Posted on April 05, 2013
The Boeing securities class action related to its development of its 787-8 Dreamliner plane continues to provide some drama. In 2011, as noted on this blog, the district court granted the company's motion to dismiss (on a motion for reconsideration)....

Cornerstone Releases Report on Settlements

Posted on March 21, 2013
Cornerstone Research has released its annual report on securities class action settlements. The notable findings include: (1) There were 53 settlements in 2012, involving $2.9 billion in total settlement funds. While the overall number of settlements represents a 14-year low,...

The Bitter With The Sweet

Posted on March 08, 2013
The Eleventh Circuit has issued an opinion that provides some clear exposition on the issue of loss causation. In Meyer v. Greene, 2013 WL 656500 (11th Cir. Feb. 25, 2013), the court considered whether the plaintiffs had adequately plead loss...

Amgen Decided

Posted on February 28, 2013
The U.S. Supreme Court has issued a decision in the Amgen case holding that proof of materiality is not a prerequisite to certification of a securities fraud class action. It is a 6-3 decision authored by Justice Ginsburg, with dissents...

The Continuing Omission Theory

Posted on February 22, 2013
Pursuant to 28 U.S.C. Sec. 1658(b), a private securities fraud action "may be brought not later than the earlier of (1) 2 years after the discovery of the facts constituting the violation; or (2) 5 years after such violation." While...

Merck Settles

Posted on February 15, 2013
Merck & Co., a New Jersey-based pharmaceutical manufacturer, has announced the preliminary settlement of the securities class action pending against the company in the D. of New Jersey. The case is actually two cases - against Merck and Schering-Plough Corp...

Life's Little Ironies

Posted on February 08, 2013
The Vivendi securities litigation continues to lead to interesting decisions. To recap, in 2010 the company lost a trial verdict in a securities class action with potential damages of $9.3 billion. As to who could collect those damages, however, the....

Compare and Contrast

Posted on February 01, 2013
NERA Economic Consulting and Cornerstone Research (in conjunction with the Stanford Securities Class Action Clearinghouse) have released their 2012 annual reports on securities class action filings. As usual, the different methodologies employed by the two organizations have led to different...

SLUSA Accepted

Posted on January 22, 2013
Just because the government says a case is not a good cert candidate, does not mean the U.S. Supreme Court will agree. On Friday, in a somewhat surprising decision, the Court granted cert in three related cases that raise an...

A Lengthy, Uncertain Process

Posted on January 11, 2013
The federal securities laws have statutes of repose (suit barred after a fixed number of years from the time the defendant acts in some way) and statutes of limitations (establishing a time limit for a suit based on the date...

The Back-Up Plan

Posted on January 04, 2013
In a securities class action brought against Central European Distribution Corp., the court received applications for lead plaintiff from Harry Nelis (an individual investor) and the Prosperity Subsidiary Group (a grouping of four institutional investors)...

SLUSA Denied?

Posted on December 21, 2012
Back in October, this blog speculated that the Supreme Court might grant cert in three related cases that raised an issue related to the Securities Litigation Uniform Standards Act ("SLUSA"). The Court had asked for the government to weigh in...

They Can't Both Be Right

Posted on December 14, 2012
Let's say a company provides a financial statement to a government regulator, but then provides a different (and significantly more favorable) financial statement to investors. The financial statement given to the investors has to be false, right? Not so fast...

Not Sufficiently Colorful

Posted on November 30, 2012
An interesting motion to dismiss decision in the S.D.N.Y. - Dobina v. Weatherford Int'l Ltd., 2012 WL 5458148 (S.D.N.Y. Nov. 7, 2012) - touches upon several scienter pleading issues. (1) Corporate Acquisitions - Does the artificial inflation of the company's...

Giant Bodies and Evil Minds

Posted on November 19, 2012
Summary judgment decisions are usually fact specific and do not provide a lot of insight into how other cases will be decided. The recent decision in In re Federal National Mortgage Association Sec., Derivative, and ?ERISA? Lit., 2012 WL 4888506...

Amgen Argued

Posted on November 05, 2012
Oral argument took place in the Amgen case in the U.S. Supreme Court this morning. The case involves the issue of whether, to obtain class certification, a plaintiff must prove that an alleged misstatement was material and therefore can support...

Amgen Preview

Posted on November 02, 2012
On Monday, the Supreme Court will hear oral argument in the Amgen case. The official questions presented are: 1. Whether, in a misrepresentation case under SEC Rule 10b-5, the district court must require proof of materiality before certifying a plaintiff...

Who Knew The Truth?

Posted on October 19, 2012
Should a securities class action defendant be able to get discovery from absent class members to support its defenses? In Garden City Employees' Retirement System v. Psychiatric Solutions, Inc., 2012 WL 4829802 (M.D. Tenn. Oct. 10, 2012), the defendants issued...

SLUSA Is On Deck

Posted on October 05, 2012
As the U.S. Supreme Court begins its October term, a securities litigator's thoughts turn to what cases the court might take next. A leading indicator (although far from a guarantee) is a cert petition where the Court asks the government...

Merck Again

Posted on September 29, 2012
A recent decision in the longrunning Merck securities litigation contains a pair of interesting holdings. In In re Merck & Co., Inc. Securities, Derivative & ERISA Litigation, 2012 WL 3779309 (D.N.J. Aug. 29, 2012), the court considered the impact of...

Facebook Begins

Posted on September 21, 2012
One of the first decisions in the Facebook securities litigation addresses a Securities Litigation Uniform Standards Act of 1998 (SLUSA) issue that has been the subject of a longstanding district court split. Private actions under the Securities Act of 1933...

Competing Methodologies

Posted on September 07, 2012
Determining whether a pharmaceutical company has made a false statement about a clinical trial can raise technical issues. In In re Rigel Pharmaceuticals, Inc. Sec. Litig., 2012 WL 3858112 (9th Cir. Sept. 6, 2012), the plaintiffs alleged that the company...

Citigroup Settles

Posted on August 31, 2012
Citigroup Inc. (NYSE: C), a leading global bank, has agreed to settle a securities class action pending against the company in the S.D.N.Y. The case, which was originally filed in 2008, alleges that Citibank misrepresented its exposure to collaterialized debt...

Defining Domestic

Posted on August 24, 2012
The New York Law Journal has a column (Aug. 17 edition - subscrip. req'd) on the application of the Morrison decision. In Morrison, the Supreme Court held that Section 10(b) liability for securities fraud is limited to "transactions in securities...

Made In America

Posted on August 18, 2012
While the Morrison decision limits Section 10(b) liability to securities transactions that take place in the United States, the complexity of the global securities market can lead to transactions that are difficult to define geographically. As a result, lower courts...

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