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Criminal – Securities fraud
Where a jury found a defendant guilty of securities fraud, his conviction and sentence should be affirmed because (1) any error in admitting evidence summarizing his bank account activity was harmless, (2) sufficient evidence supported the jury’s verdict, (3) the lower court’s loss calculation was fully supported by reliable evidence, and (4) the defendant has failed to show that the restituti[...]
Attorneys see rocky road for SEC climate initiative
While questions abound as to their final form, attorneys are confident that the Securities and Exchange Commission will adopt some version of ambitious climate disclosure rules proposed last month. And […]
Real estate co. owner convicted of securities fraud based on cocktail napkin
The U.S. Attorney’s Office has secured a securities fraud conviction by building its case on the defendant’s purchase of stock based on a cocktail napkin tip from a friend. Robert H. Bray […]
Securities – Fraud – Scienter – GAAP
Where a plaintiff has brought a class action for securities fraud against the defendant healthcare corporation and two of its executives, the complaint should be dismissed because, although the defendants did not adhere to generally accepted accounting principles, there was insufficient evidence of fraudulent intent or recklessness to raise a strong inference of scienter.
Securities – Fraud – Scienter
Where a securities class action was brought alleging that senior management of a defendant corporation, a publicly traded manufacturer of medical devices in which plaintiff invested, withheld material information and made misleading statements, the defendant was correctly awarded summary judgment based on the plaintiffs' failure to prove scienter.
Securities – Fraud – ERISA
Where defendants have moved to dismiss claims brought pursuant to the Securities Exchange Act of 1934, the Securities Act of 1933 and the Employee Retirement Income Security Act (ERISA), the plaintiffs' allegations of misrepresentation concerning the defendants' foreign exchange trades are sufficient to withstand the dismissal motions.
Securities – Fraud – Market timing – Limitations
Where the Securities and Exchange Commission has brought a disgorgement action against a defendant charged with securities fraud, the defendant has not shown that the charges in the SEC's complaint are time-barred and thus a motion he filed for summary judgment must be denied.
Securities – Fraud – Materiality – Scienter
Where a defendant corporation and its codefendant chief executive officer have moved to dismiss a putative federal securities class action, the motion should be allowed without prejudice, as the CEO's statements claimed by the defendants to be misleading do not satisfy the elements of material misrepresentation and scienter.
Down the rabbit hole with the U.S. Supreme Court
On March 22, 2011, the U.S. Supreme Court rendered a unanimous decision in the case of Matrixx Initiatives Inc. v. Siracusano, defining “materiality" in securities fraud claims.
Securities – Scienter
Where a securities fraud complaint was dismissed, this was proper in light of the complaint's failure to meet the "strong inference" of scienter standard set forth in the Private Securities Litigation Reform Act of 1995.
Verdicts & Settlements
- Injury during baby’s adenoidectomy leads to stroke
- Construction worker’s hand caught in cement mixer
- Worker trapped in freezer, dies during steam cleaning
- Pedestrian, 69, hit by motor vehicle while in crosswalk
- Four-vehicle pileup leaves driver with spinal cord injury
- Nursing home staff blamed for kidney-failure death
- Pharmacy’s late delivery blamed for patient’s death
- Man, 25, drowns after swimming lesson at fitness club
Opinion Digests
- Jurisdiction – Forum selection clause – Non-signatory
- Criminal – Responsibility
- Attorneys – Lien
- Landlord and tenant – Default judgment
- Zoning – Constructive grant – Comprehensive permit
- Fraud – False Claims Act – Settlement share
- Civil practice – Discovery – Cybersecurity
