The 10b-5 Daily

Around The Web

2009-11-06T23:32:50-05:00

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

2009-10-30T21:43:37-05:00

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

2009-10-23T22:11:32-05:00

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

2009-10-16T23:39:42-05:00

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

2009-10-09T21:36:07-05:00

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

2009-10-02T19:03:03-05:00

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!

2009-09-28T10:01:37-05:00

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

2009-09-25T22:13:35-05:00

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

2009-09-18T20:14:55-05:00

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

2009-09-11T23:28:35-05:00

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

2009-09-04T21:27:34-05:00

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

2009-08-28T23:24:26-05:00

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

2009-08-21T12:58:44-05:00

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

2009-08-14T22:52:18-05:00

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

2009-08-11T19:54:29-05:00

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...

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