September 2, 2015| Blog
We previously reported on what we thought at the time were “unusual” arguments from Vivendi Universal, S.A. (“Vivendi”) in its summary judgment motion in opposition to the recovery of certain class-action members in the long-running In re Vivendi Universal, S.A. Securities Litigation, 02 Civ. 5571 (SAS) (S.D.N.Y.).
UPDATE - First Circuit Upholds Method of Distribution of Notice in Hill v. State Street Corp., But Cautions Against Practice of Delivering Late Notice to Small Investors
August 11, 2015| Blog
The United States Court of Appeals for the First Circuit recently issued a summary dismissal denying a number of objections to the Settlement Agreement reached in Hill v. State Street Corporation.
D.C. Circuit Holds "Boilerplate" Forward-Looking Statements Are Not Entitled to PSLRA's "Safe Harbor"
August 4, 2015| Blog
The U.S. Court of Appeals for the D.C. Circuit recently reversed the dismissal of a securities fraud class action against Harman International Industries Inc., holding that the “safe harbor” for forward looking statements did not apply to the statements at issue. In re Harman Int’l Inds., Inc. Sec. Litig., -- F.3d --, No. 14-7017 (D.C.Cir. June 23, 2015).
July 23, 2015| Blog
With the increasing barriers to successfully prosecuting a securities fraud case in the United States, including the jurisdictional limitations caused by the Morrison decision, institutional investors are sometimes now looking to other jurisdictions to sometime recover their losses.
July 8, 2015| Blog
The Southern District of Ohio recently reached an interesting decision that may be relevant to institutional investors in Pharos Capital Partners, L.P. v. Touche, L.L.P. (In re Nat’l Century Fin. Enters.), 905 F. Supp. 2d 814 (S.D. Ohio 2012).
June 24, 2015| Blog
The United States Court of Federal Claims recently issued an Order in Starr International Company, Inc. v. United States, No. 11-779C, regarding the consequences of an intentional waiver of the attorney-client privilege by the United States Government.
UPDATE: Vivendi Employs Creative Arguments on Damages and the Fraud-on-the-Market Theory to Prevent Class Recovery
June 18, 2015| Blog
We posted on June 11 about some novel arguments used by Vivendi Universal, S.A. (“Vivendi”) as part of its defense against Southeastern Asset Management, Inc. (“Southeastern”), a class member in In re Vivendi Universal, S.A. Securities Litigation, 02 Civ. 5571 (SAS) (S.D.N.Y.).
Vivendi Employs Creative Arguments on Damages and the Fraud-on-the-Market Theory to Prevent Class Recovery
June 11, 2015| Blog
The long-running In re Vivendi Universal, S.A. Securities Litigation, 02 Civ. 5571 (SAS) (S.D.N.Y.), recently took an interesting turn as defendant Vivendi Universal, S.A. has deployed some unusual arguments in opposing the recovery of certain class-action members.
Court Denies Objection to Timeliness of Class Action Settlement Notice Where Method of Dissemination Was Reasonable
June 4, 2015| Blog
A Magistrate Judge for the United States District Court for the District of Massachusetts recently issued a Report and Recommendation ("R&R") on the Lead Plaintiffs’ Motion for Final Approval of Class Action Settlement and Plan of Allocation in Hill v. State Street Corporation.
May 14, 2015| Blog
On March 19, 2015, in what can be characterized as terse and sternly worded Memorandum Order (the “Order”), Judge Swain of the Southern District denied a Motion to Sever Individual Claims (the “Motion to Sever”) filed by three funds managed by D. E. Shaw & Co (the “D. E. Shaw Funds”).
May 13, 2015| Blog
In the context of our representation of institutional investors, our experience reveals that they have been confronting an increasingly difficult process in recovering their losses from alleged violations of securities laws.
Chancellor Strine Issues Important Decision Validating Board Adoption of Forum Selection Clause in Bylaws
July 3, 2013| Alert
On June 25, 2013, Delaware Chancellor Strine issued a fulsome opinion upholding the power of Delaware boards to amend corporate bylaws to include binding forum selection provisions.
Federal Court Rules That Issuers Face Strict Liability for Erroneous Statements About Legal Compliance in Registration Statements, Even if They Did Not Know the Statements Were False
June 11, 2013| Advisory
A recent federal appeals court decision addressing pleading standards for shareholder suits under Section 11 of the Securities Act of 1933, as amended, highlights the potential dangers of giving broad assurances of legal compliance in registration statements.
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