120 results for 'cat:"Securities" AND cat:"Class Action"'.
J. Ramos grants the company's motion to dismiss a securities fraud class action alleging it made false and misleading statements about its franchise model and plan to build a new company headquarters. A 2022 investigative report claiming that a majority of the company's stores were actually direct-owned and not franchised does not prove that the statements made in 2020 were false. Further, the company did not mislead investors regarding its plan to use IPO funds to purchase land for a new headquarters, and was not required to announce future transactions that were still subject to change.
Court: USDC Southern District of New York, Judge: Ramos, Filed On: February 23, 2024, Case #: 1:22cv9864, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, class Action
[Consolidated.] J. Immergut appoints Dr. Lawrence Lo as lead plaintiff in the investors' class action that the nuclear power company and its current and former executives falsely claimed that they could fulfill large contracts with Utah Associated Municipal Power Systems and Standard Power. Dr. Kevin Liang Li opposes Dr. Lo as lead plaintiff, but Dr. Lo's claims are "reasonably co-extensive with other class members'," and the 9th Circuit does not support Dr. Li's assertion to disqualify Dr. Lo because he did not retain his shares through every corrective disclosure.
Court: USDC Oregon, Judge: Immergut, Filed On: February 22, 2024, Case #: 3:23cv1689, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Civil Procedure, securities, class Action
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J. Abrams rejects a plaintiff's objections to the consolidation of these three securities class actions against the defendant company. However, its objection to the current lead plaintiff for the consolidated action are persuasive, and the objector shall be substituted as lead plaintiff for the class' Securities Act claims and granted approval of its selected law firms as lead counsel.
Court: USDC Southern District of New York, Judge: Abrams, Filed On: February 15, 2024, Case #: 1:23cv2789, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, class Action
J. Zilly defers the investors' proposed notices and claim form as part of their unopposed renewed motion for preliminary approval of a proposed settlement for their class action, which alleges that the pharma company made misleading claims about its registration statement. The investors and the pharma company are to craft a suitable opt-out form, which they will include with the notice to putative class members that is available for download from the settlement administrator's website.
Court: USDC Western District of Washington, Judge: Zilly, Filed On: February 15, 2024, Case #: 2:21cv861, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Settlements, securities, class Action
J. Mahan grants the gaming device supplier's motion for judgment on the pleadings on putative class securities claims filed by a pension plan arising from the supplier's alleged fraudulent inflation of its share prices via misrepresentations and omissions. Certain claims by certain plaintiffs were dismissed for lack of standing, and the class has failed to timely prosecute by filing an amended complaint. No reason has been given for this failure and no attempt to cure the questions of standing have been made.
Court: USDC Nevada, Judge: Mahan , Filed On: February 12, 2024, Case #: 2:20cv1209, NOS: Stockholders’ Suits - Contract, Categories: Fraud, securities, class Action
J. Edison recommends granting, in part, a retirement association and pension fund's motion for class certification in their securities action against an oil exploration and production company. The company has rebutted certain claims falling beyond 2018; therefore, the class period will be limited to September 2016 to February 2018.
Court: USDC Southern District of Texas, Judge: Edison, Filed On: February 9, 2024, Case #: 4:21cv575 , NOS: Securities/Commodities/Exchange - Other Suits, Categories: Energy, securities, class Action
J. Caproni grants Warner Bros. motion to dismiss a securities class action alleging it made false and misleading statements in the offering materials ahead of its merger with Discovery. The investors have no alleged any actionable statements or omissions because the offering documents accurately explained the methodology the company used for calculating the number of subscribers to their streaming platforms, and Warner was not required to disclose it was changing its business strategy with respect to third-party licensing deals.
Court: USDC Southern District of New York, Judge: Caproni, Filed On: February 5, 2024, Case #: 1:22cv8171, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, class Action
J. Merchant tosses a class action lawsuit alleging a lithium refiner made false or misleading statements in connection with a troubled mining project located in North Carolina. The project involved extracting spodumene, which would then be converted into lithium hydroxide for use in electric vehicles. However, the company’s stock price suffered a 20% drop after a Reuters article cited issues with the project, including its failure to obtain the necessary zoning permits from the local government. The litigant’s claims fail to establish scienter.
Court: USDC Eastern District of New York, Judge: Merchant, Filed On: January 18, 2024, Case #: 1:21cv4161, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Energy, securities, class Action
J. Wright grants a medical professional apparel company's motion to dismiss stockholders' consolidated class action complaint alleging securities fraud. The stockholders allege that the company schemed to artificially increase securities prices "for the purpose of selling stocks quickly to gain windfall profits" and that the company misled investors with false statements and omissions. The stockholders do not sufficiently allege scienter, do not sufficiently support claims of insider trading, do not clearly allege that the company's statements were misleading or that the company did not sufficiently discuss risk factors. The class is granted leave to amend.
Court: USDC Central District of California, Judge: Wright, Filed On: January 17, 2024, Case #: 2:22cv7939, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities, class Action
J. Wright approves a settlement between the tech firm and its shareholders. The terms of the settlement, namely the use of $300,000 for improvements to the company's risk management, are appropriate in relation to the merits of the shareholders' claims and manageable given the financial condition of the firm and its officers. The shareholders have also been adequately represented by the lead plaintiffs. Attorneys' fees of $1,600,000 and service awards totaling $15,000 are also reasonable.
Court: USDC Minnesota, Judge: Wright, Filed On: January 9, 2024, Case #: 0:21cv1965, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities, class Action
J. Garaufis grants final approval to a $4 million settlement to resolve two consolidated class actions that claim a 3D printer manufacturer made false or misleading public statements, ultimately resulting in heavy investor losses. The court finds the settlement fair, adequate and reasonable. Additionally, the plaintiffs’ counsel are awarded approximately $1.32 million in attorney fees, which accounts for a third of the settlement award.
Court: USDC Eastern District of New York, Judge: Garaufis, Filed On: January 4, 2024, Case #: 1:21cv1920, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities, Attorney Fees, class Action
J. Sullivan finds that the district court properly dismissed class securities fraud claims concerning safety statements about a new smoke-free alternative to traditional cigarettes. Statements tied to scientific studies that used general but subjective terms were properly treated as opinion rather than fact, and statements interpreting federal scientific data were per se "reasonable" as a matter of law under existing precedent. Affirmed.
Court: 2nd Circuit, Judge: Sullivan, Filed On: December 26, 2023, Case #: 21-2546, Categories: Fraud, securities, class Action
J. Ross declines to reconsider a prior ruling that partially dismissed investors’ claims in a securities fraud class action suit against Virgin Galactic and its principals related to their troubled space tourism venture. The court reaffirms its ruling that found statements that described a 2019 test flight in which the spaceship veered off course for a short period during its descent stage as traveling “safely to space and back” and which were again referenced in a press released 10 months later were not actionable because they were made before the class period began. The court further reaffirms its decision to dismiss insider trading claims against Virgin Group’s founder, Richard Branson, which alleged he sold his company shares based on his knowledge that a 2021 flight encountered serious problems. Finally, the court denies their motions for certification and entry of final judgment which prevents them from appeal the court’s decision at this stage.
Court: USDC Eastern District of New York, Judge: Ross, Filed On: December 19, 2023, Case #: 1:21cv3070, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities, class Action