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The 10b-5 Daily

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

Last Build Date: Sun, 11 Feb 2018 20:34:42 +0000


No Confession Requiredbezahlt1

Sun, 11 Feb 2018 20:33:06 +0000

As The 10b-5 Daily recently has noted, it is difficult for corporate defendants to avoid securities fraud liability when they fail to disclose hidden wrongdoing at the company.  But what if the company’s CEO is engaged in hidden wrongdoing at a … Continue reading

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Two Bites At The Applebezahlt1

Tue, 09 Jan 2018 16:18:02 +0000

In Halliburton II, the U.S. Supreme Court held that defendants can rebut the fraud-on-the-market presumption of reliance at the class certification stage with evidence of a lack of stock price impact.  There are at least two different points, however, when stock price impact might … Continue reading

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Credible Complaintsbezahlt1

Fri, 29 Dec 2017 17:09:08 +0000

Can the filing of a judicial complaint against a company constitute a revelation of the alleged fraud sufficient to establish loss causation?  In Norfolk Country Retirement System v. Community Health Systems, Inc., 2017 WL 6347726 (6th Cir. Dec. 13, 2017), the court … Continue reading

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Cyan Arguedbezahlt1

Wed, 29 Nov 2017 19:59:23 +0000

On Tuesday, the U.S. Supreme Court heard oral argument in the Cyan, Inc. v. Beaver County Employees Retirement Fund case, which addresses the preemptive scope of the Securities Litigation Uniform Standards Act of 1998 (SLUSA).   At issue in the case is … Continue reading

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Rites of Confessionbezahlt1

Sat, 28 Oct 2017 00:11:08 +0000

When does a company have a duty to disclose hidden wrongdoing?  As many courts have noted, disclosure is not a “rite of confession” and a company does not have a general obligation to tell investors whether some (or all) of its gains are … Continue reading

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On Track Bettingbezahlt1

Mon, 21 Aug 2017 21:20:15 +0000

Is “on track” the most dangerous phrase a corporation can use to describe its business? Over the years, there have been a significant number of securities class actions alleging a company’s statement that a regulatory approval process or financial metric was … Continue reading

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Top 100 Settlementsbezahlt1

Fri, 21 Jul 2017 00:37:02 +0000

With the dog days of summer comes the issuance of statistical reports on securities class actions.  ISS Securities Class Actions puts out an interesting report, now updated through 2016, on “The Top 100 U.S. Settlements of All Time.”  As it turns out, … Continue reading

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CalPERS Decidedbezahlt1

Thu, 29 Jun 2017 02:54:09 +0000

The U.S. Supreme Court has issued a decision in the CalPERS v. ANZ Securities case holding that the three-year statute of repose for Section 11 and Section 12(a) claims (misrepresentation in a registration statement or prospectus) is not subject to equitable tolling during the pendency of … Continue reading

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The Outset of the Fraudbezahlt1

Mon, 05 Jun 2017 16:22:16 +0000

If an individual defendant’s stock trading took place pursuant to a pre-determined Rule 10b5-1 trading plan that was entered into before the outset of the alleged fraud, the use of the trading plan may undermine any inference that the trades were … Continue reading

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Not Just For Section 11 Claimsbezahlt1

Wed, 10 May 2017 02:14:37 +0000

In its Omnicare decision, the U.S. Supreme Court held that opinions presented in registration statements can be subject to liability under Section 11 of the Securities Act of 1933 if either (a) the opinion was not genuinely held, or (b) the registration statement omitted material … Continue reading

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