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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: Sat, 28 Oct 2017 00:11:15 +0000


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 (image)

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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 (image)

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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 (image)

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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 (image)

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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 (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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