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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

Knowing The Details

Posted on February 04, 2010
Courts can be skeptical about statements from confidential witnesses. One way to express that skepticism is to wonder why, if the witness knows so much about what went on at the company, he or she is unable to provide details...

Vivendi Verdict

Posted on January 29, 2010
The big news today is the plaintiffs' victory in the Vivendi trial. A few key points about the verdict have already emerged: (1) The jury agreed with the plaintiffs that Vivendi made 57 false or misleading statements concerning its financial...

NAB Developments

Posted on January 20, 2010
A couple of items related to the National Australia Bank case. The case is pending before the U.S. Supreme Court and concerns the extraterritorial application of the antifraud provisions of the federal securities laws. Oral argument has been scheduled for...

Around The Web

Posted on January 15, 2010
A few items of interest from around the web. (1) CFO.com examines whether the new year will bring regulatory reforms that could reverse the recent drop in securities class action filings. (2) One entity that may have an effect on...

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Vivendi Alert

Posted on January 06, 2010
There have been only seven securities class actions tried to a verdict where the conduct at issue took place after the passage of the PLSRA in 1995. Are we about to see one more added to the list? The American...

Cornerstone And Stanford Release Report On Filings In 2009

Posted on January 06, 2010
Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse have released a report on federal securities class action filings in 2009. The findings include: (1) A total of 169 federal securities class actions were filed in 2009, a...

That Time Of Year

Posted on December 18, 2009
There were two significant settlements this week. (1) Comverse Technology, Inc. (Pink Sheets: CMVT) has entered into a preliminary settlement of the securities class action pending against the company in the E.D. of New York. The case was originally filed...

NERA Releases Study on "Recent Trends in Securities Class Action Litigation"

Posted on December 15, 2009
NERA Economic Consulting has released a study entitled Recent Trends In Shareholder Class Action Litigation: 2009 Year-End Update. The study reaches the following notable conclusions: (1) NERA predicts that there will be 235 filings by year end (down from 253...

Timing Is Everything

Posted on December 11, 2009
(1) Given that the PSLRA has been in effect since 1995, federal courts of appeals have been spending a surprising amount of time lately addressing writs of mandamus on how to interpret the statute's lead plaintiff provisions. Just last month,...

Double Down

Posted on November 30, 2009
When it comes to securities litigation, all of today's action was in the U.S. Supreme Court. First, the Court granted cert in the National Australia Bank case (over the objections of the DOJ and SEC) and will review the extraterritorial...

Applying The PSLRA

Posted on November 20, 2009
A mere fourteen years after the passage of the Private Securities Litigation Reform Act, litigation over the meaning of the various procedural provisions continues. Two recent cases highlight disputes over the role of the court in the selection of lead...

Marsh & McLennan Settles

Posted on November 14, 2009
Marsh & McLennan Companies, Inc. (NYSE: MMC), a global professional services firm, has announced the preliminary settlement of the securities class action pending against the company in the S.D.N.Y. The case was originally filed in 2004 and is based on...

Around The Web

Posted on November 07, 2009
A couple of interesting items from around the web. Pay To Play - In the context of securities litigation, "pay to play" is when lawyers compete to be selected as class counsel for public entities serving as lead plaintiffs in...

Not So Fast

Posted on October 30, 2009
When the U.S. Supreme Court asked for the government's view on the National Australia Bank cert petition, it seemed a safe bet that the government would encourage the Court to take the case. After all, the SEC had filed an...

Forbidden Alchemy

Posted on October 24, 2009
The U.S. Court of Appeals for the Sixth Circuit issued an opinion this week in Indiana State District Council v. Omnicare, Inc., 2009 WL 3365189 (6th Cir. Oct. 21, 2009) that has a few interesting holdings. (1) Loss causation -...

No License To Draw Lines

Posted on October 17, 2009
There have been two recent appellate decisions discussing the scope of the Securities Litigation Uniform Standards Act of 1998 ("SLUSA"), which pre-empts certain class actions based upon state law that allege a misrepresentation in connection with the purchase or sale...

Vivendi On Trial

Posted on October 09, 2009
The big news this week was the commencement of the Vivendi securities class action trial in the S.D.N.Y. At issue in the case are alleged financial misstatements made by Vivendi from October 2000 to August 2002, when the company engaged...

Around The Web

Posted on October 02, 2009
Time to catch up on some items of interest from around the web. (1) Business Week (Sept. 17) has a column on an enduring question about securities class actions - do they make any economic or practical sense? The author...

Satisfy Your CLE Requirements!

Posted on September 28, 2009
Is Tuesday looking like it may be a slow day? It is not too late to sign up for the webcast of PLI's Securities Litigation & Enforcement Institute 2009 (New York edition). All of the details can be found here....

SEC Endorses Creationism

Posted on September 26, 2009
Although it has not received much publicity (perhaps due to the fact that it does not appear on the agency's website), last month the Securities and Exchange Commission filed an amicus brief in the U.S. Court of Appeals for the...

You'll Get Nothing And Like It

Posted on September 18, 2009
When it comes to sharp talk from the bench, Judge James Rosenbaum and the UnitedHealth securities class action is the gift that keeps on giving. The court's latest decision - In re UnitedHealth Group Inc. PSLRA Litig., 2009 WL 2868399...

The Dangers of Consolidation

Posted on September 12, 2009
The U.S. Court of Appeals for the Eighth Circuit does not issue many securities litigation decisions, but it apparently has decided to resolve the few cases it has all at once. For the second time in a week (see here),...

The Guessing Game

Posted on September 04, 2009
In the early days of the Private Securities Litigation Reform Act and its new heightened pleading standards, courts regularly dismissed complaints that engaged in "puzzle pleading" (i.e., failed to specify the exact corporate statements that were false and the basis...

Snowbird Jurisdiction

Posted on August 29, 2009
Time to catch up on a decision from a couple of weeks ago that might add some incentive for the Supreme Court to take up the issue of foreign-cubed cases. In In re CP Ships Ltd. Sec. Litig., 2009 WL...

The Groves Of Academe

Posted on August 21, 2009
There is nothing unusual about a court reducing the requested attorneys' fees as part of its approval of a securities class action settlement. That said, it is rarely accompanied by the written fireworks found in the recent opinion in the...

Fatally Flawed

Posted on August 15, 2009
While it may be relatively easy to plead loss causation in the Fifth Circuit, things become a lot more difficult for plaintiffs when it comes time to offer proof. This week, in Fener v. Belo Corp., 2009 WL 2450674 (5th...

Restoring Aiding And Abetting Liability

Posted on August 11, 2009
The big news item from last week was the introduction of congressional legislation that would create a private action for the aiding and abetting of securities violations. The bill (which is being sponsored by Senator Specter) effectively would overturn the...

Break In The Action

Posted on August 01, 2009
There will be no new posts on The 10b-5 Daily until after August 10....

NERA Releases Study on "Recent Trends in Securities Class Action Litigation"

Posted on July 30, 2009
NERA Economic Consulting has released a study entitled Recent Trends In Shareholder Class Action Litigation: 2009 Mid-Year Update. The study reaches the following notable conclusions: (1) There have been 127 cases filed in the first half of 2009, on pace...

Indicators of Risk

Posted on July 24, 2009
The extent to which an alleged "corrective disclosure" needs to have revealed the fraud to investors - thereby establishing the existence of loss causation based on a related stock price decline - continues to bedevil courts. One particular fact pattern...

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