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Preview: LexisNexis® Mealey's™ Emerging Securities Litigation Legal News

LexisNexis® Mealey's™ Emerging Securities Litigation Legal News



Headline Emerging Securities Litigation Legal News from LexisNexis®



 



JPMorgan's Asia Subsidiary To Pay $264M To Settle FCPA Violation Claims
BROOKLYN, N.Y. - The Asian subsidiary of JPMorgan Chase & Co. has agreed to pay $264 million to settle claims with three government agencies over its involvement in a scheme to "corruptly gain advantages in winning banking deals by awarding prestigious jobs to relatives and friends of Chinese government officials" in violation of the Foreign Corrupt Practices Act, according to press releases issued on Nov. 17 by the Department of Justice, the Securities and Exchange Commission and the Federal Reserve Board.



Judge Grants Preliminary Approval Of $175M Settlement In BP Oil Spill MDL
HOUSTON - A federal judge in Texas on Nov. 4 granted preliminary approval of a $175 million settlement in a securities class action lawsuit against BP PLC and certain of its executive officers arising out of the Deepwater Horizon oil spill and denied a motion filed by institutional investors to modify the settlement's opt-out requirements (In re BP p.l.c. Securities Litigation, No. 10-md-2185, S.D. Texas).



Federal Judge Grants Final Approval Of $3M Securities Class Action Settlement
TRENTON, N.J. - A federal judge in New Jersey on Nov. 15 granted final approval of a $3 million securities class action settlement with an alternative energy company and others, ruling that the settlement is fair, reasonable and adequate and meets all statutory requirements for approval (In re Ocean Power Technologies Inc. Securities Litigation, Nos. 14-3799, 14-3815, 14-4015 and 14-4592, D. N.J.; 2016 U.S. Dist. LEXIS 158222).



Contained Required Cautionary Language, Judge Rules
HOUSTON - A federal judge in Texas on Oct. 21 ruled that dismissal of an amended complaint in a securities class action lawsuit against parties to a merger deal is proper because lead plaintiffs failed to show that alleged misrepresentations and omissions made by the parties regarding debt and future distributions issues were not publicly available and did not contain the required cautionary language (Irving Braun, et al. v. Eagle Rock Energy Partners, LP, et al., No. 15-1470, S.D. Texas; 2016 U.S. Dist. LEXIS 146035).



Investor Group Pleaded Elements Of Securities Law Claim, Judge Rules
SAN FRANCISCO - The lead plaintiff in a securities class action lawsuit against a fitness-tracking device manufacturer and certain of its executive officers has properly pleaded an actionable misrepresentation or omission, scienter and loss causation, a federal judge in California ruled Oct. 26 in denying the defendants' motion to dismiss (Brian H. Robb v. Fitbit Inc., et al., No. 16-151, N.D. Calif.; 2016 U.S. Dist. LEXIS 149321).



Pension Fund Named Lead Plaintiff In Securities Suit Against Ammunition Maker
ALEXANDRIA, Va. - A federal judge in Virginia on Nov. 10 appointed a union pension fund as lead plaintiff in a securities class action lawsuit against an ammunition manufacturer and certain of its executive officers, ruling that although the pension fund has not sustained the largest losses of the group of movants seeking to serve as lead plaintiff, the only other institutional investor is prevented from serving as lead plaintiff pursuant to the Private Securities Litigation Reform Act's (PSLRA) Five-In-Three Provision (Steven Knurr, et al. v. Orbital ATK Inc., et al., No. 16-1031, E.D. Va.; 2016 U.S. Dist. LEXIS 156591).



Investors' Securities Act Claims Time-Barred, Federal Judge Rules
NEW YORK - Dismissal of federal claims in a securities class action lawsuit against a commercial helicopter operator, certain of its current and former officers and directors and underwriters of the company's initial public offering (IPO) is proper because the shareholders' claims were time-barred and because the shareholders failed to state a claim for relief, a federal judge in New York ruled Nov. 7 (Errol Rudman, et al. v. CHC Group Ltd, et al., No. 15-3773, S.D. N.Y.).



Renewable Energy Company Sales Representative, Firm Settle SEC Claims
WASHINGTON, D.C. - A renewable energy company's sales representative and a related firm have agreed to settle Securities and Exchange Commission claims that they engaged in a scheme to defraud the energy company's investors in violation of federal securities laws, according to a press release issued by the SEC on Nov. 17 (Securities and Exchange Commission v. Patrick S. Carter, et al., No. 16-2070, C.D. Calif.).



Investors Appointed As Lead Plaintiffs In Charles Schwab Securities Class Action
SAN FRANCISCO - A federal judge in California on Nov. 2 appointed a pair of investors as lead plaintiffs in a securities class action lawsuit against Charles Schwab Corp. and others, ruling that the investors have the largest financial interest in the litigation and meet the statutory requirements of typicality and adequacy (Robert Crago v. Charles Schwab & Co. Inc., et al., No. 16-3938, N.D. Calif.).



Robbins Geller Appointed As Lead Counsel In LendingClub Securities Class Action
SAN FRANCISCO - A federal judge in California on Oct. 28 appointed the law firm of Robbins Geller Rudman & Dowd to serve as lead counsel in a securities class action lawsuit against LendingClub Corp. and certain of its current and former executive officers, ruling that the law firm "was within the scope of several reasonable choices and was not influenced by any pay-to-play considerations" (Steeve Evellard v. LendingClub Corp., et al., No. 16-2627, N.D. Calif.).



Judge: Investors Failed To Show Post-Acquisition Deal Issues Led To Stock Drop
SAN JOSE, Calif. - Lead plaintiffs in a securities class action lawsuit against a cyber-attack detection and protection software developer and certain of its executive offices have failed to plead a material misrepresentation, scienter or scheme liability in making their claims that the defendants misrepresented the impact of an acquisition deal's impact on product integration, a federal judge in California ruled Nov. 14 (Vijay Fadia v. FireEye Inc., et al., No. 14-5204, N.D. Calif.; 2016 U.S. Dist. LEXIS 157391).



Panel: Lock-Up Agreements Don't Render Underwriters, Shareholders A Group
NEW YORK - Standard lock-up agreements in the initial public offering (IPO) for Facebook Inc. between lead underwriters of the IPO and pre-IPO shareholders are not sufficient, alone, to render those parties a group under federal securities law, a Second Circuit U.S. Court of Appeals panel ruled Nov. 3 (Robert Lowinger, et al. v. Morgan Stanley & Co. LLC, et al., No. 14-3800, 2nd Cir.; 2016 U.S. App. LEXIS 19887).



TD Ameritrade Did Not Aid, Participate In Ponzi Scheme, 11th Circuit Panel Rules
ATLANTA - A federal district court did not err in dismissing a securities class action lawsuit brought by investors who alleged that TD Ameritrade Inc. and certain of its affiliates aided and/or participated in a Ponzi scheme because the investors failed to show that the defendants actually participated in the sale of the securities at issue, an 11th Circuit U.S. Court of Appeals panel ruled Oct. 21 in a per curiam opinion (William A. Curry, et al. v. TD Ameritrade Inc., et al., No. 16-12041, 11th Cir.; 2016 U.S. App. LEXIS 18996).



2nd Circuit Declines Motion For Rehearing En Banc In Vivendi Securities Suit
NEW YORK - Without providing any detail, the Second Circuit U.S. Court of Appeals on Nov. 10 declined to grant a French company's motion for rehearing or rehearing en banc of the court's previous ruling affirming a jury's verdict against the company for violations of federal securities laws (In re Vivendi S.A. Securities Litigation, No. 15-180, 2nd Cir.).



Judge: Investors Failed To Plead Falsity In Stock- Drop Case Against Drug Maker
SAN FRANCISCO - Shareholders in a securities class action lawsuit against a clinical-stage biopharmaceutical company and others failed to plead falsity in making their federal securities law claims, a federal judge in California ruled Nov. 4 in granting the defendants' motion to dismiss for failure to state a claim for relief (In re Avalanche Biotechnologies Inc. Securities Litigation, No. 15-3185, N.D. Calif.; 2016 U.S. Dist. LEXIS 152891).



Judge Certifies Class In Mortgage-Backed Securities Class Action Lawsuit
NEW YORK - A federal judge in New York on Nov. 5 granted a health fund's motion for class certification in a securities class action lawsuit, ruling that the health fund has met all statutory requirements for certification of the class (New Jersey Health Fund v. Royal Bank of Scotland Group PLC, et al., No. 08-5310, S.D. N.Y.; 2016 U.S. Dist. LEXIS 153804).



Judge: Lead Plaintiffs Failed To Plead Materiality In Securities Class Action
MINNEAPOLIS - Lead plaintiffs in a securities class action lawsuit against a technology company, certain of its officers and directors and others have failed to plead materiality or and false and misleading statements in making their federal securities law claims, a federal judge in Minnesota ruled Oct. 25 in dismissing their consolidated amended complaint (Matthew Ridler, et al. v. Hutchinson Technology Inc., et al., No. 15-4356, D. Minn.; 2016 U.S. Dist. LEXIS 147906).



Retired Judges Argue Review Of Challenge To American Pipe Rule Necessary
WASHINGTON, D.C. - The U.S. Supreme Court should grant review of a New York federal judge's ruling that an individual investors' securities lawsuit is untimely because interpretation of its precedent in American Pipe & Construction Co. v. Utah is necessary to provide determination as to whether the rule established in that action applies to the three-year statute of limitations under Section 13 of the Securities Act of 1933, a group of retired federal judges argues in an Oct. 24 amicus curiae brief in support of a California pension fund (California Public Employees' Retirement System v. Moody Investors Service Inc., et al., No. 16-373, U.S. Sup.; 2016 U.S. S. Ct. Briefs LEXIS 3839).



High Court Review Of Ruling Necessary Under American Pipe, Investors Say
WASHINGTON, D.C. - U.S. Supreme Court review of a New York federal court's dismissal of a securities class action lawsuit is proper because the federal court erred in determining that investors' claims were not timely in contradiction to the Supreme Court's ruling in American Pipe & Construction Co. v. Utah, the investors argue in a petition for writ of certiorari filed Sept. 26 (Russell Dusek, et al. v. JPMorgan Chase & Co., et al., No. 16-389, U.S. Sup.; 2016 U.S. S. Ct. Briefs LEXIS 3491).



Defendants Seek D.C. Circuit Rehearing On SEC ALJ Appointments Clause Ruling
WASHINGTON, D.C. - Parties in an appeal of Securities and Exchange Commission cease-and-desist proceedings recently asked the District of Columbia Circuit U.S. Court of Appeals to consider whether rehearing en banc is necessary to determine whether a panel erred in ruling that the SEC's appointment of administrative law judges (ALJs) was not in violation of the U.S. Constitution's appointments clause (Raymond J. Lucia Companies Inc., et al. v. Securities and Exchange Commission, No. 15-1345, D.C. Cir.).



Lead Plaintiffs Failed To Plead Misrepresentation, Materality, Barclays Argues
NEW YORK - Lead plaintiffs in a securities class action lawsuit against Barclays Bank PLC and others have failed to plead any actionable misrepresentations or omissions, materiality or loss causation regarding the drop in value of the company's Series 5 stock in making their federal securities law claims, Barclays and several current and former officers and directors argue in an Oct. 21 motion for summary judgment filed in New York federal court (In re Barclays Bank PLC Securities Litigation, No. 09-1989, S.D. N.Y.).



Exxon Concealed Climate Change's Effects On Business Model, Investors Says
DALLAS - An Exxon Mobil Corp. shareholder filed a securities class action complaint in Texas federal court on Nov. 7, alleging that the company and certain of its senior officials issued a series of misrepresentations regarding Exxon's business model and the effect global warming and climate change were expected to have on that business model in violation of federal securities laws (Pedro Ramirez Jr. v. Exxon Mobil Corp., et al, No. 16-3111, N.D. Texas).



Drug Maker Concealed Collusive Activity From Investors, Shareholder Argues
NEW YORK - A pharmaceutical company and certain of its current and former executive officers misrepresented the company's business and financial condition to investors and engaged in violations of federal antitrust law by colluding with other generic drug makers to artificially inflate the price of generic drugs in violation of federal securities laws, a shareholder argues in an Oct. 25 complaint filed in New York federal court (Christopher Speakes v. Taro Pharmaceuticals Industries Ltd., et al., No. 16-8318, S.D. N.Y.).



Financial Sector, Price-Fixing Scheme, Misrepresentation Suits Filed
Recent securities class action and shareholder derivative lawsuits filed in federal courts across the country include complaints alleging misrepresentation regarding Wells Fargo & Co.'s cross-selling performance metric, the clinical study results for a Parkinson's disease drug and the involvement of poultry-processing companies in a price-fixing scheme in the broiler chicken market.



U.S. Supreme Court Hears Oral Argument In Insider Trading Appeal
WASHINGTON, D.C. - The U.S. Supreme Court on Oct. 5 heard oral arguments in an appeal of an insider trading conviction where the parties have asked the Supreme Court to determine whether the defendants' personal benefits in the scheme "require proof of 'an exchange that is objective, consequential, and represents at least a potential gain of a pecuniary or similarly valuable nature,'" as the Second Circuit U.S. Court of Appeals held in United States v. Newman (773 F.3d 438 [2d Cir. 2014]) (Bassam Yacoub Salman v. United States of America, No. 15-628, U.S. Sup.).



Judge Grants Preliminary Approval of $486M Settlement In Pfizer Securities Suit
NEW YORK - A federal judge in New York on Sept. 16 granted preliminary approval of a $486 million settlement in a securities class action lawsuit between shareholders and certain of its executive officers, ruling that the settlement is fair, adequate and reasonable (In re Pfizer Inc. Securities Litigation, No. 04-9866, S.D. N.Y.).



Judge Grants Final Approval Of $219M Settlement In Genworth Securities Suit
RICHMOND, Va - A federal judge in Virginia on Sept. 26 granted final approval of a $219 million securities class action settlement, ruling that the settlement and plan of allocation are fair, reasonable and accurate (In re Genworth Financial Inc. Securities Litigation, No. 14-682, E.D. Va.).



Lead Plaintiff, Lead Counsel Appointed In Securities Class Action
NEW YORK - An investor has met all statutory requirements and is the most adequate plaintiff to serve as lead plaintiff, a federal judge in New York ruled Oct. 4 in appointing the investor as lead plaintiff and the law firm of Pomerantz LLP as lead counsel in a securities class action lawsuit against Deutsche Bank Aktiengesellschaft (DBA) and certain of its executive officers (In re Deutsche Bank Aktiengesellschaft Securities Litigation, No. 16-3495, S.D. N.Y.; 2016 U.S. Dist. LEXIS 139215).



Judge: New Discovered Evidence In Securities Suit Was Publicly Available
PHILADELPHIA - A federal judge in Pennsylvania on Sept. 19 denied an investor's motion for relief from a previous dismissal order, ruling that the investor's newly discovered evidence was in fact available to the public months before the initial complaint in the action was filed (Steven P. Messner v. USA Technologies Inc., et al., No. 15-5427, E.D. Pa.; 2016 U.S. Dist. LEXIS 127041).



Judge Rejects Derivative Plaintiffs' Motion To Lift Stay In Related Class Action
PHOENIX - Lifting a stay and unsealing documents in a securities class action lawsuit against a solar energy panel manufacturer and certain officers and directors is not proper because the parties seeking to intervene, lift the stay and unseal the documents - investors in a related shareholder derivative lawsuit - would be permitted to "conduct discovery in aid of their demand futility argument," which has been denied twice in that action, a federal judge in Arizona ruled Sept. 30 (Mark Smilovits, et al. v. First Solar Inc., et al., No. 12-0555, D. Ariz.; 2016 U.S. Dist. LEXIS 135704).



Och-Ziff To Pay Nearly $200M To Settle SEC Action Over Bribery Violations
WASHINGTON, D.C. - Och-Ziff Capital Management Group LP will pay $199,045,167, and its CEO will pay more than $2 million to settle civil charges in U.S. Securities and Exchange Commission administrative and cease-and-desist proceedings charging the defendants with violations of the Foreign Corrupt Practices Act (FCPA) in connection with a series of bribery schemes with high-level government officials in Africa, according to an SEC administrative order filed Sept. 29 (In the Matter of Och-Ziff Capital Management Group LP, et al., No. 3-17595, SEC).



RBS To Pay $120M To Resolve Mortgage-Backed Securities Investigation
HARTFORD, Conn. - In what is being called "the largest single state settlement in the history of the state of Connecticut," RBS Securities Inc. will pay $120 million to the State of Connecticut to settle claims that it engaged in underwriting of risky residential mortgage-backed securities before the start of the 2008 financial crisis, the state's attorney general and banking commissioner announced Oct. 3.



High Court Declines Review Of State Court's Jury Instruction In Securities Suit
WASHINGTON, D.C. - The U.S. Supreme Court on Oct. 4 declined review of an appeal of an 11th Circuit U.S. Court of Appeals panel's ruling affirming a state court order in a securities class action lawsuit that determined that a jury instruction improperly stated the law governing a federal securities fraud claim (Richard I. Fried v. Stiefel Laboratories Inc., et al., No. 15-1458, U.S. Sup.).



Benefit Plans' Appeal In Securities Suit Remanded To Federal District Court
NEW YORK - A Second Circuit U.S. Court of Appeals panel on Sept. 20 remanded an appeal by employee benefit plans in a securities class action lawsuit to a federal district court for further proceedings, ruling that such proceedings are necessary to determine whether the plans are considered "affiliates" of defendant American International Group Inc. (AIG) (Sharyn Rothstein, et al. v. American International Group Inc., et al., Nos. 14-4067 and 14-4603, 2nd Cir.; 2016 U.S. App. LEXIS 17201).



Judge: Court Lacks Jurisdiction Over Claims In Securities Suit
BATON ROUGE, La. - A federal judge in Louisiana dismissed claims against Grant Thornton International Ltd. (GTIL) in a securities lawsuit on Sept. 15, ruling that shareholders failed to show that a federal district court had either general or specific jurisdiction over the claims (Firefighters' Retirement System, et al. v. Citco Group Limited, et al., No. 13-373, M.D. La.; 2016 U.S. Dist. LEXIS 125991).



Panel: Investor Failed To Plead Strong Inference Of Scienter In Securities Suit
BOSTON - A federal judge did not err in dismissing a securities class action complaint against a pharmaceutical company and certain of its executive officers and directors because a shareholder failed to properly plead scienter, a First Circuit U.S. Court of Appeals panel ruled Oct. 3 (Local No. 8 IBEW Retirement Plan v. Vertex Pharmaceuticals Inc., et al., No. 15-2250, 1st Cir.).



Judge: Investor Failed To Plead Falsity Against Drug Maker In Securities Suit
SAN DIEGO - The lead plaintiff in a securities class action lawsuit against a drug company and certain of its former executive officers has failed to plead falsity or scienter in making his federal securities laws claims because he has pleaded only generalized allegations in making his claims, a federal judge in California ruled Oct. 7 (Wahid Tadros v. Celladon Corp., et al., No. 15-1458, S.D. Calif.; 2016 U.S. Dist. LEXIS 139956).



Investor Failed To Plead Elements Of Federal Securities Law Claims, Judge Rules
SAN JOSE, Calif. - A federal judge in California on Oct. 12 granted several motions to dismiss filed by defendants in a securities class action lawsuit against a semiconductor producer and certain of its current and former executive officers, ruling that the lead plaintiff in the action failed to plead the elements of its securities fraud claims as required (Daniel Luna v. Marvell Technology Group Ltd., et al., No. 15-5447, N.D. Calif.; 2016 U.S. Dist. LEXIS 141567).



Investor Properly Pleaded Elements Of Securities Law Claims, Judge Rules
SANTA ANA, Calif. - Defendants in a securities class action lawsuit against a pharmaceutical company and certain of its executive officers have failed to show that the lead plaintiff in the action failed to plead falsity, scienter or adequacy of the allegations in arguing that the defendants misrepresented the clinical trial results for a breast cancer treatment drug the company was developing, a federal judge in California ruled Sept. 30 in denying the defendants' motion to dismiss (Hsingching Hsu v. Puma Biotechnology Inc., et al., No. 15-0865, C.D. Calif.; 2016 U.S. Dist. LEXIS 136527).



High Court Asked To Cure Circuit Split Regarding American Pipe Application
WASHINGTON, D.C. - Review of a New York federal court's ruling that an individual investors' securities lawsuit is untimely is warranted because the federal circuit courts are split as to the proper application of U.S. Supreme Court precedent to determine the lawsuit's timeliness, an investor argues in a petition for writ of certiorari filed Sept. 22 in the Supreme Court (California Public Employees' Retirement System v. Moody Investors Service Inc., et al., No. 16-373, U.S. Sup.; 2016 U.S. S. Ct. Briefs LEXIS 3443).



Investor: Review Of Securities Suit Ruling Would Clear Up Split Among Circuits
WASHINGTON, D.C. - The U.S. Supreme Court should hear an appeal of a New York federal court's dismissal of a securities class action lawsuit as untimely filed because the case provides it with an opportunity to clear up a split among the circuit courts as to the proper application to the American Pipe & Construction Co. v. Utah (414 U.S. 538 [1974]) doctrine, an investor argues in a petition for writ of certiorari filed Aug. 12 in the U.S. Supreme Court (DeKalb County Pension Fund v. Transocean Ltd., et al., No. 16-206, U.S. Sup.; 2016 U.S. S. Ct. Briefs LEXIS 2982).



Vivendi Seeks Rehearing Of Panel's Affirmation Of Verdict In Securities Suit
NEW YORK - A Second Circuit U.S. Court of Appeals panel erred in affirming a federal jury's verdict against a French company for issuing a series of misrepresentations regarding liquidity in violation of federal securities law, and rehearing is necessary because the ruling is in conflict with U.S. Supreme Court precedent, the company argues in an Oct. 11 motion for rehearing and rehearing en banc (In re Vivendi S.A. Securities Litigation, No. 15-180, 2nd Cir.).



Defendants Must Rebut Reliance By Preponderance Of Evidence, Scholars Argue
NEW YORK - Once shareholders have satisfied their burden of showing a presumption of reliance pursuant to the U.S. Supreme Court's ruling in Basic Inc. v. Levinson, the burden then shifts to the defendants to rebut that "presumption by a preponderance of the evidence," a group of evidence scholars argue in an amicus curiae brief filed Sept. 15 in the Second Circuit U.S. Court of Appeals (In re Petrobas Securities Litigation, No. 16-1914, 2nd Cir.).



Investors Sue Drug Maker Over Clinical Study Result Misrepresentations
BOSTON - A pharmaceutical company and certain of its executive officers and directors and others misrepresented the success of clinical test results for the company's prostate cancer drug in violation of federal securities laws, investors argue in a Sept. 29 complaint (Michael Garbowski, et al. v. Tokai Pharmaceuticals Inc., et al., No. 16-11963, D. Mass.).



Clinical Trial, FDA Approval, User Metrics Misrepresentation Suits Filed
Recent securities class action and shareholder derivative lawsuits filed in federal courts across the country include complaints alleging misrepresentation of clinical trial results for a bladder cancer treatment drug, growth in key primary user metrics used to determine user engagement for Twitter Inc. and a surgical device company's alleged concealment of deficiencies with regard to its "internal controls over financial reporting."



Shareholders Failed To Correct Loss Causation Deficiencies, Judge Rules
SAN FRANCISCO - Shareholders have failed to show how an anonymous blogger report is adequate to serve as a corrective disclosure to support loss causation, a federal judge in California ruled Sept. 2 in dismissing the shareholders' amended complaint (Francis J. Bonanno v. Cellular Biomedicine Group Inc., et al., No. 15-1795, N.D. Calif.; 2016 U.S. Dist. LEXIS 119194).



Panel: Court Properly Ruled That Securities Claims Were Barred By Precedent
ATLANTA - A federal district court did not err in dismissing a securities class action lawsuit against home security company The ADT Corp., its CEO and others because shareholder claims are barred pursuant to precedent and because the shareholders failed to plead any material misrepresentation or scienter, an 11th Circuit U.S. Court of Appeals panel ruled in a per curiam opinion filed Sept. 9 (IBEW Local 595 Pension and Money Purchase Pension Plans, et al. v. The ADT Corp., et al., No. 15-13595, 11th Cir.; 2016 U.S. App. LEXIS 16454).



Judge Won't Reconsider Ruling In Securities Suit Against Medical Device Maker
PHILADELPHIA - Without providing any detail, a federal judge in Pennsylvania on Sept. 9 denied a shareholder's motion to reconsider an earlier ruling dismissing a securities class action complaint for failure to plead an actionable misrepresentation or scienter (Mark Silverstein v. Globus Medical Inc., et al., No. 15-5386, E.D. Pa.; 2016 U.S. Dist. LEXIS 113740).



Target Corp. Securities Suits Consolidated; Lead Plaintiff, Counsel Appointed
MINNEAPOLIS - A federal magistrate judge in Minnesota on Sept. 15 consolidated a pair of securities class action lawsuits against Target Corp. and certain of its executive officers and appointed the law firm of Robbins Geller Rudman & Dowd as lead counsel (In re Target Corp. Securities Litigation, No. 16-1315, D. Minn.).



Magistrate Judge Recommends That Class Be Certified In Securities Class Action
TYLER, Texas - Determining that a securities class action lawsuit meets the Federal Rules of Civil Procedure 23(a) and 23(b)(2) requirements for class certification, a federal magistrate judge in Texas on Aug. 29 recommended that a class certification motion be granted and a pension fund be appointed as lead plaintiff (Alan B. Marcus v. J.C. Penney Co. Inc., et al., No. 13-0736, E.D. Texas; 2016 U.S. Dist. LEXIS 115795).



High Court Grants Extension Of Time To File Petition In Best Buy Securities Suit
WASHINGTON, D.C. - The U.S. Supreme Court has granted shareholders a more than a month's extension to file a petition for writ of certiorari in a securities class action lawsuit in which the shareholders are challenging the Eighth Circuit U.S. Court of Appeals' reversal of a lower court's grant of class certification, according to a letter filed Sept. 1 in the Eighth Circuit (IBEW Local 98 Pension Fund, et al. v. Best Buy Co., Inc., et al., No. 14-3178, 8th Cir.).



Judge's Ruling In Securities Class Action Is Premature, Defendants Argue
NEW YORK - A federal judge in New York erred in determining that defendants in a securities class action lawsuit failed to timely file any opposition to a motion for class certification because the civil case management plan and scheduling order entered by the judge set an Oct. 11 deadline for the opposition to be filed, defendants argue in a letter filed Sept. 14 (Arthur Menaldi v. Och-Ziff Capital Management Group LLC, et al., No. 14-3251, S.D. N.Y.).



Lead Plaintiffs Failed To Plead Demand Futility In Shareholder Derivative Suit
OAKLAND, Calif. - A federal judge in California on Aug. 26 granted a motion to dismiss filed by defendants in a shareholder derivative lawsuit, ruling that the lead plaintiffs lacked standing to bring their claims and failed to properly plead demand futility pursuant to the Delaware Supreme Court's ruling in Rales v. Blasband (In re Rocket Fuel Inc. Derivative Litigation, No. 15-4625, N.D. Calif.; 2016 U.S. Dist. LEXIS 115023).



Judge Appoints Retirement System As Lead Plaintiff In Merger Deal Securities Suit
DETROIT - A federal judge in Michigan on Sept. 14 granted a shareholder's motion for appointment of lead plaintiff and lead counsel in a securities class action lawsuit, ruling that the shareholder has met all statutory requirements to serve in those roles (Livonia Employees' Retirement System v. Talmer Bancorp Inc., et al., No. 16-12229, E.D. Mich.; 2016 U.S. Dist. LEXIS 124417).



Government Seeks To Have New Insider-Trading Law Enacted, Defendant Argues
WASHINGTON, D.C. - The U.S. government seeks to have the U.S. Supreme Court create a new insider-trading tipping law for crimes allegedly committed before an inside trader's involvement in an insider-trading scheme, and the Supreme Court should overturn the trader's conviction, the trader argues in an Aug. 21 reply brief (Bassam Yacoub Salman v. United States of America, No. 15-628, U.S. Sup.).



Amici Ask 2nd Circuit To Endorse Price Impact Approach In Securities Suit
NEW YORK - The Second Circuit U.S. Court of Appeals should rule in favor of shareholders in an appeal of a securities class action lawsuit ruling and should require defendants to "show the absence of price impact by a preponderance of evidence" in rebutting a Basic Inc. v. Levinson presumption, a group of securities law professors argue in a Sept. 1 amicus curiae brief (In re Petrobas Securities Litigation, No. 16-1914, 2nd Cir.).



Defendants Seek Dismissal Of Claims Against Them In Securities Class Action
TRENTON, N.J. - Defendants in a securities class action lawsuit in New Jersey federal court separately moved to dismiss the claims against them on Sept. 13, arguing that shareholders failed to plead any actionable misrepresentation, scienter or loss causation in making their federal securities law claims (In re Valeant Pharmaceuticals International Inc. Securities Litigation, No. 15-7658, D. N.J.).



Medical Device Maker Seeks Dismissal Of Securities Fraud Class Action Claims
NEW YORK - A securities class action lawsuit against a medical device maker and its CEO should be dismissed because the lead plaintiff has failed to show that the defendants made any material misrepresentations or acted with scienter in statements they made regarding the company's heart pump, the defendants argue in an Aug. 30 motion to dismiss (In re HeartWare International Inc. Securities Litigation, No. 16-0520, S.D. N.Y.).



Infrastructure Assets Design Company Sued For Alleged Securities Law Violations
LOS ANGELES - A shareholder filed a securities class action lawsuit against an infrastructure assets designer and certain of its current and former executive officers on Sept. 1 in California federal court, alleging that the defendants concealed issues with the company's business, operational and compliance policies in violation of federal securities laws (William Graves v. AECOM, et al., No. 16-6605, C.D. Calif.).



Investors Sue Companies, Others Over Securities Law Violations
A number of securities class action complaints have been filed in recent weeks. Some of those complaints include: