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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

The Limits Of The Fraud-On-The-Market Theory

Posted on March 21, 2008
Under the fraud-on-the-market theory, reliance by investors on an alleged misrepresentation is presumed if the company's shares were traded on an efficient market. Investors are not entitled to the presumption, however, if they are unable to show that the misrepresentation...

Where To From Here

Posted on March 20, 2008
The March 17, 2008 edition of the National Law Journal has a pair of columns on the impact of the Supreme Court's recent securities litigation decisions. (1) In Stoneridge Alters Legal Landscape (subscrip. req'd), the authors recap the decision and...

Around The Web

Posted on March 14, 2008
A few items from around the web. (1) RiskMetrics has released its annual SCAS 50 report of the top 50 plaintiffs' law firms ranked by the total dollar amount of final securities class action settlements occurring in 2007 in which...

United Rentals Settles

Posted on March 13, 2008
United Rentals, Inc. (NYSE: URI), a Connecticut-based equipment rental company, has announced the preliminary settlement of the securities class action pending against it in the D. of Conn. The case, originally filed following the August 2004 disclosure of a SEC...

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Fees and Bloggers

Posted on March 07, 2008
A couple of notable recent decisions: (1) In In re Cardinal Health Inc. Sec. Litig., 528 F. Supp. 2d 752 (S.D. Ohio 2007), the court considered a requested attorney fee award of $145 million (24% of the $600 million settlement)....

Royal Dutch Shell Settles With U.S. Investors

Posted on March 06, 2008
Royal Dutch Shell p.l.c. (NYSE: RDS/A) has taken another step toward resolving the investor claims related to the company's 2004 recategorization of certain proved oil and gas reserves. After reaching a proposed settlement with non-U.S. shareholders last year for approximately...

R&G Financial Settles

Posted on March 06, 2008
R&G Financial Corp. (PINKSHEETS: RGFC), a financial holding company based in San Juan, Puerto Rico that provides banking, mortgage banking, and insurance services, has announced the preliminary settlement of the securities class action (and a related derivative suit) pending against...

Coca-Cola Suit Fizzes Over

Posted on February 29, 2008
Big news in the long-running Coca-Cola securities class action. As previously posted in The 10b-5 Daily, the defendants have sought the denial of class certification based on alleged misconduct by lead counsel for the plaintiffs. In a report issued this...

Transkaryotic Settles

Posted on February 28, 2008
Transkaryotic Therapies, Inc. (�TKT�), a Massachusetts-based biopharmaceutical company acquired by Shire plc in 2005, has announced the preliminary settlement of the securities class action pending against the company in the D. of Mass. (The settlement was agreed to in Oct...

In Case Of A Tie

Posted on February 22, 2008
Was the U.S. Supreme Court's Tellabs decision interpreting the "strong inference" pleading standard for scienter a victory for defendants? Not if the defendant is being sued in Boston (or any other locale within the U.S. Court of Appeals for the...

One More Time

Posted on February 21, 2008
Will the "Securities Litigation Attorney Accountability and Transparency Act" finally gain some traction? It's doubtful. Initially introduced in 2006 after the Milberg Weiss indictment, the legislation would permit fee shifting for successful defendants at the discretion of the court, require...

Expertized

Posted on February 15, 2008
In the aftermath of the Dura decision, loss causation can be a contentious issue at every stage of a securities class action. Two recent decisions provide some insight on how courts are addressing the plaintiff's burden of proof on this...

Around The Web

Posted on February 08, 2008
(1) Lyle Roberts (the author of The 10b-5 Daily) and Jonathan Miller have a column in the Feb. 8, 2008 edition of the New York Law Journal on the collective scienter theory. The column (subscrip. req'd) discusses the Dynex Capital...

The Trouble With Tellabs

Posted on February 07, 2008
The U.S. Court of Appeals for the Seventh Circuit is making up for lost time. Although it was one of the last circuits to issue an opinion interpreting the PSLRA's heightened pleading standards, the U.S. Supreme Court's decision to review...

Trial Story

Posted on February 01, 2008
The Apollo Group securities class action trial ended with a plaintiffs' verdict. A couple of news articles - from Portfolio.com and The Legal Intelligencer (Jan. 31, 2008 edition - subscrip. req'd) - offer some more background on what happened. Quote...

KLA-Tencor Settles

Posted on January 30, 2008
KLA-Tencor Corp. (NASDAQ: KLAC), a California-based provider of process controls and yield management solutions for the semiconductor and microelectronics industries, has announced the preliminary settlement of the securities class action pending against the company in the N...

PLI Briefing on Stoneridge

Posted on January 28, 2008
The author of The 10b-5 Daily, Lyle Roberts (Dewey & LeBoeuf), is participating in a Practicing Law Institute audio webcast on the U.S. Supreme Court's recent Stoneridge decision. The webcast will take place on Thursday, January 31 at 1 p.m....

Stoneridge Roundup

Posted on January 25, 2008
Here is a roundup of Stoneridge commentary available on the web. (1) Stoneridge: Pro-Business, Pro-SEC Enforcement, Not The "Decision of the Century"; The Supreme Court�s Ruling in the Enron Litigation and Simpson Help Define Stoneridge - SEC Actions (3) The...

Enron Denied

Posted on January 22, 2008
The first impact of the Stoneridge decision has been felt. The U.S. Supreme Court issued an order today denying review of California Regents v. Merrill Lynch, the Enron-related case from the Fifth Circuit that raised similar scheme liability issues. The...

On The Other Hand

Posted on January 17, 2008
As it turns out, trials remain a risky business for both plaintiffs and defendants. Any thoughts that the JDS Uniphase defense verdict would lead to more securities class action trials will have to be tempered by yesterday's result in the...

Stoneridge Decided

Posted on January 15, 2008
In the Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc. (a.k.a. Charter Communications) case, the U.S. Supreme Court has held that the implied private right of action under Sec. 10(b) for securities fraud does not extend to third parties who neither...

Around The Web

Posted on January 10, 2008
Two items of interest: (1) Texas billionaire Sam Wyly's litigation over the settlement in the Computer Associates securities class action has hit a slight bump. The court decision giving Wyly access to the work product of the lead counsel in...

Cornerstone And Stanford Release Report On Filings In 2007

Posted on January 08, 2008
Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse have released a report on federal securities class action filings in 2007. The findings include: (1) There were 166 filings in 2007 (as of 12/17/07). Note that there is...

Deloitte & Touche Settles Delphi-Related Claims

Posted on January 04, 2008
Deloitte & Touche LLP, an auditing firm, has announced the preliminary settlement of the claims brought against it in the Delphi securities class action (E.D. Mich.). The case, originally filed in 2005, stems from Delphi's financial restatement and subsequent bankruptcy...

Break In The Action

Posted on December 24, 2007
There will be no new posts on The 10b-5 Daily until after Jan. 1....

NERA Releases Study on "Recent Trends In Shareholder Class Action Litigation"

Posted on December 21, 2007
It is not the end of the year, but that has not stopped NERA Economic Consulting from releasing its annual study on securities class actions. The 2007 report is entitled "Recent Trends In Shareholder Class Action Litigation: Filings Return to...

Big Fees and Big Checks

Posted on December 20, 2007
A couple of settlement items: (1) The Tyco settlement has been approved. Not every class member will be happy, however, as the court rejected the fee objections raised by three institutional investors. As requested, the plaintiffs' attorneys will receive $464...

Pleading Issues

Posted on December 14, 2007
The New York Law Journal (subscrip. req'd) has two interesting columns this week discussing developments in the pleading of securities fraud. (1) Lower Court's Handling of Tellabs' "Inference of Scienter" (Dec. 11) discusses how courts have addressed the PSLRA's scienter...

Biovail Settles

Posted on December 11, 2007
Biovail Corporation (NYSE: BVF) (TSX: BVF), an Ontario-based specialty pharmaceutical company, has announced the preliminary settlement of the securities class action pending against the company in the S.D. of New York. Originally filed in 2003, the case stems from allegations...

A Little Birdy Told Me

Posted on December 07, 2007
Whether the plaintiffs in a securities class action should be required to disclose the identities of their confidential witnesses as part of the discovery process is an issue that continues to be the subject of litigation. The 10b-5 Daily had...

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