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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: Mon, 05 Jun 2017 17:05:02 +0000


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 (image)

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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 (image)

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Fri, 14 Apr 2017 17:11:27 +0000

Among other reforms, the Private Securities Litigation Reform Act of 1995 (“PSLRA”) requires that upon final adjudication of a federal securities action, the court shall include in the record “specific findings regarding compliance” with the federal rule providing that attorneys’ … Continue reading (image)

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Somebody Else Said Itbezahlt1

Fri, 24 Feb 2017 22:18:55 +0000

Is paying someone else to make a misstatement to investors the same as making the misstatement yourself for purposes of securities fraud liability?  Two recent appellate decisions address this question and come to different conclusions based on the specific type … Continue reading (image)

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Compare and Contrastbezahlt1

Sat, 11 Feb 2017 01:55:10 +0000

NERA Economic Consulting and Cornerstone Research have released their respective 2016 annual reports on federal securities class action filings.  As usual, the different methodologies employed by the two organizations have led to different numbers, although they both identify the same general … Continue reading (image)

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Transparently Aspirationalbezahlt1

Tue, 31 Jan 2017 04:07:51 +0000

Can shareholders bring a claim for securities fraud when a corporate official violates the company’s code of conduct after publicly touting the business’s high standards for ethics and compliance?  According to the U.S. Court of Appeals for the Ninth Circuit, … Continue reading (image)

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Pipe Dreambezahlt1

Sun, 22 Jan 2017 21:16:50 +0000

The federal securities laws have statutes of repose that bar a suit after a fixed number of years from the time the defendant acts in some way.  There is an appellate split, however, over whether the existence of a class … Continue reading (image)

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Halliburton Settled (Again)bezahlt1

Sat, 07 Jan 2017 18:30:27 +0000

When the district court rejected a $6 million settlement in the Halliburton securities class action back in 2004, the judge probably expected the parties to renegotiate.  Many years later, after a change in plaintiffs’ counsel, three trips to the Fifth … Continue reading (image)

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Not Exactly Meritlessbezahlt1

Tue, 06 Dec 2016 00:01:53 +0000

Can a company face securities fraud liability for describing a lawsuit brought against it as “meritless” if the plaintiff goes on to win a big verdict?  In Grobler v. Neovasc, Inc., 2016 WL 6897760 (D. Mass. Nov. 22, 2016), Neovasc was hit … Continue reading (image)

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On This Recordbezahlt1

Mon, 07 Nov 2016 23:27:54 +0000

On the same day that it issued its “Model V” decision, the Second Circuit issued another opinion in the Vivendi securities litigation addressing whether “value investors” can invoke the fraud-on-the-market presumption of reliance. In Gamco Investors, Inc. v. Vivendi Universal, S.A., 2016 WL … Continue reading (image)

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