The law firm Shook Hardy & Bacon, based in Kansas City, Mo. has been sued by the bankruptcy trustee for aiding and abetting University of Miami booster Nevin Shapiro’s $930 million Ponzi scheme.Read More »
The U.S. Supreme Court has agreed to decide whether plaintiffs must prove materiality to certify a fraud-on-the-market case for class status, and also whether the defendant may present evidence rebutting the applicability of the fraud-on-the-market theory before the certification stage.Read More »
A securities fraud class action could proceed under a presumption that individual class members relied on the defendant’s alleged misrepresentations, the 9th Circuit has ruled in affirming certification.Read More »
A service management company cannot be liable under Securities and Exchange Commission Rule 10b-5 for alleged securities violations of the mutual funds it sponsors. See “Supreme Court nixes shareholders’ 10-b claim.” U.S. Supreme Court. Janus Capital Group v. First Derivative ...Read More »
Securities fraud plaintiffs need not prove loss causation in order to obtain class certification. See “Justices rule on fraud class certification.” U.S. Supreme Court. Erica P. John Fund v. Halliburton, No. 09-1403. June 6, 2011. Lawyers USA No. 993-2966.Read More »
WASHINGTON – During oral arguments Monday, the U.S. Supreme Court pondered whether plaintiffs seeking class certification in a fraud-on-the-market securities fraud claim must prove that a company’s alleged false statements caused its stock to lose value.Read More »
A pharmaceutical company can be sued for securities fraud based on allegations that it failed to fully disclose “adverse events” related to its over-the-counter cold remedy. See “Zicam maker can be sued for securities fraud.” U.S. Supreme Court. Matrixx Initiatives ...
Tagged with: securities fraudRead More »