A month ago, the U.S. Supreme Court seemed on the verge of deciding two securities law cases that could substantially limit plaintiffs’ ability to maintain securities fraud class actions against public companies. Now, the...more
12/17/2024
/ Appeals ,
Class Action ,
Dismissals ,
Facebook ,
Facebook Inc v Amalgamated Bank ,
NVIDIA ,
Nvidia Corp v E Ohman J or Fonder AB ,
Petition for Writ of Certiorari ,
Publicly-Traded Companies ,
SCOTUS ,
Securities ,
Securities Fraud
After hearing argument earlier this month in a widely followed securities law case concerning risk-factor disclosures of public companies, the U.S. Supreme Court last week decided it should not have agreed to hear the case...more
11/27/2024
/ Class Action ,
Corporate Counsel ,
Corporate Governance ,
Data Breach ,
Disclosure Requirements ,
Dismissals ,
Enforcement Actions ,
Facebook ,
Petition for Writ of Certiorari ,
Risk Factors ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
The U.S. Supreme Court has scheduled argument for November 6, 2024 in an important case involving risk-factor disclosures of public companies. At issue is whether a company’s risk disclosures can be treated as false or...more
11/5/2024
/ Certiorari ,
Disclosure Requirements ,
Form 10-K ,
Material Misstatements ,
Misleading Statements ,
Publicly-Traded Companies ,
Regulation S-K ,
Risk Assessment ,
SCOTUS ,
Securities ,
Securities Exchange Act ,
Securities Fraud
The U.S. Supreme Court recently agreed to hear an appeal of a Ninth Circuit decision that could have a significant impact on future securities fraud claims nationwide. At issue is how heavy a burden plaintiffs will bear in...more
The U.S. Supreme Court has now resolved the split in lower courts, discussed in our March 14, 2024 post, over whether plaintiffs may bring a securities fraud claim based solely on a corporation’s omission from public filings...more
4/17/2024
/ Corporate Issuers ,
Disclosure Requirements ,
False Statements ,
Item 303 ,
Macquarie Infrastructure Corp v Moab Partners LP ,
Misleading Statements ,
Omissions ,
Regulation S-K ,
Rule 10b-5 ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Violations
In a closely followed case concerning class certification in securities fraud class actions, the U. S. Supreme Court has held that the generic nature of a company’s statements should be considered in determining whether such...more
6/28/2021
/ Arkansas Teacher Retirement System v Goldman Sachs Group ,
Basic v Levinson ,
Burden of Persuasion ,
Burden of Proof ,
Certiorari ,
Class Action ,
Class Certification ,
Conflicts of Interest ,
Goldman Sachs ,
Investors ,
Presumption of Reliance ,
SCOTUS ,
Securities Exchange Act ,
Securities Litigation ,
Shareholders
Liu v. Securities and Exchange Commission, the U.S. Supreme Court decision this week affirming the SEC’s right to seek disgorgement, displayed a striking consensus on the securities regulatory agency’s ability to seek...more
6/26/2020
/ 15 U.S.C. § 78u(d)(5) ,
Administrative Authority ,
Business Expenses ,
Calculation of Damages ,
Corporate Misconduct ,
Disgorgement ,
Enforcement Actions ,
Equitable Relief ,
Kokesh v SEC ,
Lack of Authority ,
Liu v Securities and Exchange Commission ,
Net Profits ,
Remedies ,
SCOTUS ,
Securities and Exchange Commission (SEC)
The U.S. Supreme Court yesterday rejected the Securities and Exchange Commission’s longtime method of appointing administrative law judges (ALJs) to hear actions brought by its enforcement division. In Lucia v. Securities and...more
6/22/2018
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appeals ,
Appointments Clause ,
Constitutional Challenges ,
Enforcement Actions ,
Final Written Decisions ,
Lucia v SEC ,
Officers of the United States ,
Remand ,
Reversal ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Special Trial Judges (STJs)
The Supreme Court yesterday agreed to consider whether the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) precludes state court jurisdiction in actions that solely allege violations under the Securities Act of...more
A five-year statute of limitations applies to actions by the Securities and Exchange Commission for disgorgement, the U.S. Supreme Court ruled today. The decision imposes a significant new limit on the SEC’s ability to seek...more
The U.S. Supreme Court earlier today rejected an attempt to cut back on liability for insider trading where people give inside tips to family members and friends. In Salman v. United States, the Court unanimously held that...more
A case heading to the Supreme Court could dramatically change insider trading law that bars trades by recipients of stock tips. In consenting earlier this year to hear the defendant’s appeal in United States v. Salman, 792...more