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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: 2/day

Last Entry: March 23, 2011 at 00:48:53

Matrixx Decided

Posted on March 23, 2011
In the Matrixx Initiatives v. Siracusano case, the U.S. Supreme Court has held that the plaintiffs were not required, in a case alleging that Matrixx failed to disclose reports of a possible link between its leading drug product and the...

Avoiding The Toll

Posted on March 19, 2011
And now for something a bit technical (but still important). 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...

Monday Madness

Posted on March 12, 2011
Two interesting decisions from this past Monday. (1) Just when it looked like the U.S. Supreme Court would never again reject a securities litigation cert petition, it turned down the Apollo Group case. The Ninth Circuit's decision exacerbated a circuit...

The Comments Are In

Posted on March 04, 2011
Section 929Y of the Dodd-Frank Act directs the SEC to solicit public comments and thereafter conduct a study to determine the extent to which private rights of action under the antifraud provisions of the federal securities laws should be extended...

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After The Vivendi Verdict

Posted on February 26, 2011
A trial verdict that results in $9.3 billion in potential damages is likely to engender a slew of post-trial motions. The court's decision on those motions in the Vivendi securities class action was made public this week. The media focus...

Waking the Tiger

Posted on February 18, 2011
Item 303(a) of Regulation S-K, which requires issuers to disclose known trends or events "reasonably likely" to have a material effect on operations, capital, and liquidity, has been referred to as the "sleeping tiger" of securities litigation. Item 303(a) certainly...

MF Global Settles

Posted on February 11, 2011
MF Global Holdings Ltd. (NYSE: MF), a New York-based broker-dealer, has announced the preliminary settlement of the securities class action pending against the company in the S.D. of New York. The case, originally filed in March 2008, stems from allegations...

Around the Web

Posted on February 04, 2011
A couple of items from around the web. (1) Professor John Coffee has a New York Law Journal column (Jan. 20 - subscrip. req'd) on the upcoming year in securities litigation. The column discusses the Halliburton and Matrixx cases pending...

Compare and Contrast

Posted on January 21, 2011
NERA Economic Consulting and Cornerstone Research (in conjunction with the Stanford Securities Class Action Clearinghouse) have released their 2010 annual reports on securities class action filings. The different methodologies employed by the two organizations have led to different numbers, but...

Matrixx Argued

Posted on January 11, 2011
Oral argument took place in the Matrixx case this morning. The case addresses the issue of materiality, in particular whether adverse event reports (i.e., reports by users of a drug that they experienced an adverse event after using the drug)...

Supreme Court To Address Class Certification Requirements

Posted on January 07, 2011
The U.S. Supreme Court continues to take an interest in securities litigation cases. Earlier today, the Court granted cert in the Erica P. John Fund, Inc. v. Halliburton Co. case. In Halliburton, the Fifth Circuit declined to certify a class...

Is It Time To Revisit Loss Causation?

Posted on December 23, 2010
The Apollo Group securities class action has turned out to be far more interesting than anyone could have predicted. The case is based on the company's alleged failure to disclose the existence of a government report finding that its wholly-owned...

Janus Argued

Posted on December 07, 2010
Oral argument in the Janus case took place this morning. The early verdict is that the U.S. Supreme Court may be headed toward a split decision on whether the investment manager of a fund can be subject to primary liability...

More Than An Earnings Miss

Posted on December 03, 2010
Can a plaintiff adequately allege or prove loss causation by pointing to a corrective disclosure that reveals the company's financial results and condition, even if the disclosure does not directly reveal any alleged misrepresentations? Courts have been reluctant to apply...

Lotta Ins, Lotta Outs, Lotta What-Have-Yous

Posted on November 24, 2010
(1) If you are not willing to walk away, you are not negotiating effectively. Charles Schwab appears to have proven that adage correct in its settlement of the securities class action pending against the company in the N.D. of California....

Counting Your Chickens

Posted on November 12, 2010
A couple of cases have taken an unexpected turn. (1) Last April, Charles Schwab Corporation announced the preliminary settlement of the securities class action pending against the company in the N.D. of California. The case relates to the marketing and...

Only As Good As Its Giver

Posted on November 05, 2010
There is a circuit split on the issue of primary vs. aiding-and-abetting liability. Under the "bright line" test adopted by the Second Circuit, primary liability for securities fraud (as opposed to aiding-and-abetting liability, which is not available in private actions)...

Around the Web

Posted on October 29, 2010
A few items from around the web. (1) Section 929Y of the Dodd-Frank Act directs the SEC to solicit public comments and thereafter conduct a study to determine the extent to which private rights of action under the antifraud provisions...

The Controversial Apple Settlement

Posted on October 22, 2010
Earlier this month, Apple entered into a settlement of the securities class action pending against it in the N.D. of Cal. The case was originally filed in 2006 and relates to alleged options backdating at the company. According to a...

On The Stingy Side

Posted on October 16, 2010
In the Adelphia securties class action, a law firm that did not act as lead counsel in the case moved for a third (about $17 million) of the aggregate fee award. The law firm argued that it had provided "an...

Where To Next

Posted on October 09, 2010
As the U.S. Supreme Court begins its October term, a securities litigator's fancy naturally turns to what cases the court might take next. A leading indicator is cert petitions where the Court has asked the government to provide its input....

A Step Too Far

Posted on October 01, 2010
While defendants have had the better of the post-NAB decisions to date, a court in the S.D.N.Y. may have gone a step too far this week. In In re Societe Generale Sec. Litig., 08 Civ. 2495 (S.D.N.Y. Sept. 29, 2010),...

Line Drawing

Posted on October 01, 2010
It has been several years since the Second Circuit has addressed the scope of the bespeaks caution doctrine. The bespeaks caution doctrine holds that a "forward-looking statement accompanied by sufficient cautionary language is not actionable because no reasonable investor could...

Around the Web

Posted on September 25, 2010
A couple of items from around the web. (1) Professor John Coffee has a New York Law Journal column (Sept. 17 - subscrip. req'd) on the impact of the National Australia Bank (NAB) decision on SEC and private actions. The...

Trip Delayed

Posted on September 17, 2010
No one should pack their bags for Shangri-La quite yet. The defendants in the UBS case have received a huge boost from another S.D.N.Y. court regarding the scope of the National Australia Bank (NAB) decision. At issue is whether a...

On The Road To Shangri-La

Posted on September 10, 2010
The scope of the National Australia Bank (NAB) decision on the extraterritorial application of Section 10(b) continues to be tested in the lower courts. A case to keep an eye on is In re UBS AG Sec. Litig. (S.D.N.Y.), where...

Satisfy Your CLE Requirements!

Posted on September 09, 2010
Do you have some availability on Tuesday, Sept. 21 in New York? It is not too late to sign up for PLI's Securities Litigation & Enforcement Institute 2010. All of the details can be found here. Lyle Roberts of Dewey...

Impounding Information

Posted on September 03, 2010
There was an interesting appellate decision last month in one of the few securities class actions to be tried to a verdict. In 2005, Thane International won a bench trail in a case concerning the company's 2002 acquisition of Reliant...

Fated To Lose

Posted on August 28, 2010
He's back. Judge Easterbrook has authored a new securities litigation decision for the U.S. Court of Appeals for the Seventh Circuit and, as always, it is interesting and contentious. In Schleicher v. Wendt, 2010 WL 3271964 (7th Cir. Aug. 20,...

Appellate Roundup

Posted on August 21, 2010
A trio of notable appellate decisions have been issued in the last ten days. (1) In In re Mercury Interactive Corp. Sec. Litig., 2010 WL 3239460 (9th Cir. Aug. 18, 2010), the court addressed the common settlement practice of requiring...