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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

Break In The Action

Posted on August 07, 2010
There will be no new posts on The 10b-5 Daily until after August 16....

Posted on August 07, 2010
Thirteen former officers and directors of New Century Financial Corp., an Irvine, California-based mortgage finance company that collapsed in 2007, have agreed to the preliminary settlement of the securities class action pending against them in the C...

Around The Web

Posted on August 07, 2010
A couple of interesting items from around the web. (1) A former Grant & Eisenhofer ("G&E") attorney has sued the firm on behalf of Tyco investors. The suit alleges that G&E collected excessive fees for its role as lead counsel...

PMI Settles

Posted on August 05, 2010
The PMI Group, Inc. (NYSE: PMI), a Walnut Creek-based holding company that though its subsidiaries provides residential mortgage insurance and credit enhancement products, has announced the preliminary settlement of the securities class action pending against the company in the N...

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Compare and Contrast

Posted on July 30, 2010
NERA Economic Consulting and Cornerstone Research (in conjunction with the Stanford Securities Class Action Clearinghouse) have released their 2010 midyear reports on securities class action filings. The different methodologies employed by the two organizations have led to different numbers, but...

Artful Pleading

Posted on July 23, 2010
The scope of the Securities Litigation Uniform Standards Act ("SLUSA"), which precludes certain class actions based upon state law that allege a misrepresentation in connection with the purchase or sale of nationally traded securities, continues to be the subject of...

The Reversal, The Affirmance, and The Remand

Posted on July 16, 2010
The U.S. Court of Appeals for the Ninth Circuit has been busy over the past few weeks. (1) In the Apollo Group case, the court reinstated the $277.5 million verdict obtained by the company's investors. The trial court, in a...

PLI Briefing on National Australia Bank

Posted on July 08, 2010
The author of The 10b-5 Daily, Lyle Roberts (Dewey & LeBoeuf), is moderating a Practicing Law Institute audio webcast on the U.S. Supreme Court's recent National Australia Bank decision. The webcast will take place on Friday, July 9 at 1...

Supreme Court To Address Primary Liability

Posted on July 02, 2010
In what is shaping up to be a blockbuster term for securities litigation cases, the U.S. Supreme Court will address the issue of primary liability. On Monday, the Court granted cert (over the objection of the government) in the Janus...

NAB Decided

Posted on June 26, 2010
In the Morrison v. National Australia Bank ("NAB") case, the U.S. Supreme Court has held that Section 10(b) of the Exchange Act applies only to transactions in securities listed on U.S. exchanges and to U.S. transactions in other securities. The...

Supreme Court To Address Materiality

Posted on June 15, 2010
The U.S. Supreme Court is going to address the issue of materiality in securities fraud cases, albeit in the limited context of actions based on a drug company's nondisclosure of "adverse event" reports. Yesterday, the Court granted cert in the...

Time Bombs

Posted on June 12, 2010
In Freudenberg v. E*TRADE Financial Corp., 2010 WL 1904314 (S.D.N.Y. May 11. 2010), the plaintiffs alleged that E*TRADE had fraudulently concealed the high risk nature and deterioration of the company's mortgage portfolio. The court's decision, which denies the defendants' motion...

Whither Collective Scienter?

Posted on June 05, 2010
Under the collective scienter theory, it is possible for a plaintiff to adequately plead scienter with respect to a corporate defendant even where the plaintiff is unable to adequately plead scienter with respect to any individual corporate employee who made...

Around The Web

Posted on May 28, 2010
A couple of items from around the web. (1) The D&O Diary has a helpful summary of the Senate Financial Reform Bill. For securities litigators, however, the bill is probably more notable for what it does not include. A proposed...

Thorny Issues

Posted on May 21, 2010
Surprisingly, the U.S. Court of Appeals for the Second Circuit has never issued an opinion analyzing the PSLRA's safe harbor for forward-looking statements. It filled in that gap this week. In Slayton v. American Express Co., 2010 WL 1960019 (2d...

Faulty Pleading

Posted on May 15, 2010
Two items about inaccurate complaints in securities class actions. (1) The Harvard Law School Forum on Corporate Governance and Financial Regulation has a post on a recent Second Circuit decision concerning confidential witnesses. In Campo v. Sears Holdings Corp...

Rejecting Creationism

Posted on May 08, 2010
The U.S. Court of Appeals for the Second Circuit has rejected creationism, at least when it comes to determining whether a secondary actor has "made" a statement for purposes of securities fraud liability. In Pacific Investment Management Co. LLC v.....

Maxim Integrated Products Settles

Posted on May 07, 2010
Maxim Integrated Products, Inc. (NASDAQ:MXIM), a Sunnyvale-based company that designs, develops, manufactures, and markets analog integrated circuits, has announced the preliminary settlement of the securities class action pending against the company in the N...

Merck Decided

Posted on April 28, 2010
In the Merck case, a unanimous U.S. Supreme Court (with two concurrences) has found that the investors' securities fraud claims are not barred by the statute of limitations. In making that determination, however, the Court has significantly changed the relevant...

Settlement Week

Posted on April 22, 2010
It was settlement week in the world of securities class actions. No sooner did RiskMetrics release its SCAS 50 for 2009, which ranks plaintiffs firms by their total settlement amounts, when many of the contenders started making bids to be...

Idiosyncratic Reactions

Posted on April 17, 2010
In In re Omnicom Group, Inc. Sec. Litig., 597 F.3d 501 (2d Cir. 2010), the company had announced in 2001 that it was placing certain investments into a separate holding company. There was no statistically significant movement in the company's...

The Perils Of Investing Abroad

Posted on April 10, 2010
While the Supreme Court considers the National Australia Bank case, the lower courts continue to issue rulings that explore the extraterritorial application of the U.S. securities laws. In In re European Aeronautic Defence & Space Co. ("EADS") Sec. Litig...

NAB Argued

Posted on March 30, 2010
Oral argument in the National Australia Bank case took place this morning. By all accounts, it does not appear that the U.S. Supreme Court is likely to embrace the broad extraterritorial application of the antifraud provisions of the federal securities...

NAB Day

Posted on March 29, 2010
As the U.S. Supreme Court gets ready to hear oral arguments in the National Australia Bank case today, here is all the information necessary to set the stage. The briefs can be found here. The 10b-5 Daily has previously summarized...

Cornerstone Releases Report On Settlements

Posted on March 24, 2010
Cornerstone Research has released its annual report on securities class action settlements. The notable findings include: 1) There were 103 settlements in 2009. The aggregate value of those settlements was $3.8 billion (a 35% increase over 2008). (2) The average...

Waiting On The Supreme Court

Posted on March 12, 2010
(1) The "group pleading" doctrine allows plaintiffs to rely on a presumption that statements in corporate documents are the collective work of individuals with direct involvement in the everyday business of the company. In its Tellabs decision, the U...

The Sheriff of Orange County

Posted on March 05, 2010
Supreme Court Justice Sandra Day O'Connor may be retired, but she is not done creating securities law. Last year, she sat with the Fifth Circuit by designation and wrote an opinion on loss causation. In February, it was the Sixth...

More NAB Developments

Posted on February 27, 2010
The respondents have filed their brief in the National Australia Bank case pending before the U.S. Supreme Court. The case concerns the extraterritorial application of the antifraud provisions of the federal securities laws. Links to all of the briefs filed...

MoneyGram International Settles

Posted on February 26, 2010
MoneyGram International, Inc. (NYSE: MGI), a Minneapolis-based payment services company, has announced the preliminary settlement of the securities class action (and related derivative action) pending against the company in the D. of Minn. The case, originally filed in 2008, stems...

The Halliburton Odyssey

Posted on February 19, 2010
One of the very first posts on this blog, way back in May 2003, was about the Halliburton securities class action settlement. Who knew what was to come? The judge recused himself, the settlement was eventually rejected, the lead plaintiff...

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