450 results for 'cat:"Securities"'.
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. Sotomayor finds that the circuit improperly ruled in whistleblower claims brought after an employee was allegedly terminated for reporting securities violations because statute did not require the employee to demonstrate the "employer acted with retaliatory intent," only that he had been terminated for reporting what he believed to be misconduct. Reversed.
Court: US Supreme Court, Judge: Sotomayor, Filed On: February 8, 2024, Case #: 22-660, Categories: Employment, securities, Whistleblowers
J. Ludwig grants summary judgment to the financial correspondent, the investment firm and the firm's founder the investors claim were involved with their transactions with a wealth management group that turned out to be a Ponzi scheme, which caused the investors to lose hundreds of thousands of dollars. The investors have failed to bring specific evidence of specific wrongdoing by the the correspondent, firm and founder, instead mostly reiterating the wrongdoing of the group and its chief, who is now in prison. The investors' claims of intentional misrepresentation, negligent misrepresentation, and claims of violations of Wisconsin statutes involving the sale of unregistered securities, fraud and unlicensed brokers fail, and the correspondent, firm and founder are dismissed. The investors have 14 days to make a case for why the firm's employee should not also be granted summary judgment.
Court: USDC Eastern District of Wisconsin, Judge: Ludwig, Filed On: February 7, 2024, Case #: 2:18cv2005, NOS: Other Contract - Contract, Categories: Fraud, securities, Contract
J. Kennedy finds that the lower court properly granted summary judgment to the appellees on their fiduciary duty and securities claims against the appellant. Their petition alleged that certain material facts were misrepresented in connection with their investments. The lower court did not err "by refusing to withdraw the deemed admissions," as the appellant argues. Also, the evidence shows that the appellant was a "seller" under the Texas Securities Act. Affirmed.
Court: Texas Courts of Appeals, Judge: Kennedy, Filed On: February 7, 2024, Case #: 05-23-00238-CV, Categories: securities, Fiduciary Duty
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J. Ross grants the Securities and Exchange Commission’s motion for final judgment and orders iFresh, a chain of Asian shopping markets on the East Coast, to disgorge over $1 million in ill-gotten gains and to pay $104,585 in pre-judgment interest and $550,000 in civil penalties after settling claims for federal securities violations. The shopping chain was accused of failing to disclose to investors over $12 million in payments to third parties owned and controlled by the company’s owner and his brother.
Court: USDC Eastern District of New York, Judge: Ross, Filed On: February 5, 2024, Case #: 1:22cv3200, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities
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. Matsumoto grants a motion to intervene filed by the district’s U.S. Attorney and stays a securities fraud action pending resolution of a related criminal case filed in the U.S. Eastern District of New York. The lead defendant in the case was indicted on charges related to the same actions that the SEC cited in its complaint, which alleges he and other individuals defrauded over 4,000 investors of more than $528 million in investment funds. The court agrees with the government’s assertions that it has a strong interest in preventing discovery in the civil case from circumventing the more limited discovery proceedings in the criminal trial.
Court: USDC Eastern District of New York, Judge: Matsumoto, Filed On: February 5, 2024, Case #: 2:23cv8953, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, Discovery
Per curiam, the circuit finds that the district court properly convicted defendant of wire fraud in a scheme to induce investors to back a group developing cryptocurrency because evidence indicated defendant knowingly made false or misleading statements as to its affiliation with the United Nations to secure the investments, and some victims testified that the alleged link was key to the decision to invest. Affirmed.
Court: 2nd Circuit, Judge: Per curiam, Filed On: February 5, 2024, Case #: 22-2100-cr, Categories: Fraud, Intent, securities
J. Jacobs finds that the district court properly dismissed claims in which public and union pension funds contend major participants in the multi-trillion-dollar market for U.S. Treasuries conspired to rig auctions for debt securities. Plaintiffs failed to demonstrate banks formed anticompetitive agreements since purportedly sharing proprietary information constituted "inconsequential market chatter," and evidence did not demonstrate a coherent scheme to threaten new secondary-market platforms for securities. Affirmed.
Court: 2nd Circuit, Judge: Jacobs, Filed On: February 1, 2024, Case #: 22-943, Categories: Antitrust, securities
J. Abrams grants the employer's motion to dismiss the employee's securities fraud claims. The employee does not allege that the employer misrepresented the value of its stock or misrepresented attributes of the stock that would induce an investor to buy. Rather, the alleged misrepresentations solely concern the vesting of options as related to the employee's position. The employee's race discrimination claims may proceed.
Court: USDC Southern District of New York, Judge: Abrams, Filed On: February 1, 2024, Case #: 1:23cv2591, NOS: Employment - Civil Rights, Categories: Employment, securities
Chancellor McCormick declines to dismiss shareholder derivative claims brought after directors and officers of a cryptocurrency platform sold $2.9 billion in stock a month before announcing disappointing quarterly earnings. Demand is excused based on the gargantuan payout, and claims were stated under "Brophy v. Cities Service Co." based on allegations of unusually large and suspiciously timed trades.
Court: Delaware Chancery Court, Judge: McCormick, Filed On: February 1, 2024, Case #: 2023-0464-KSJM, Categories: securities
J. Wesley finds that the district court properly dismissed claims in which two investment firms contend the issuer of debt securities tried to change payment terms to get them to sell back their stake at a discount. The Trust Indenture Act did not apply because the stake was held via a private placement containing a "no action" clause. Affirmed.
Court: 2nd Circuit, Judge: Wesley, Filed On: January 31, 2024, Case #: 23-154, Categories: securities
Magistrate Zurn dismisses claims in which an employee of a biopharma company seeks specific performance of agreements granting rights to stock options that have not been exercised. The rights had been waived by a subsequent stock option grant notice since the unexercised options were not issued securities.
Court: Delaware Chancery Court, Judge: Zurn, Filed On: January 31, 2024, Case #: 2021-0248-MTZ, Categories: securities
J. Tigar dismisses most securities claims against Volta, an electric car charging station company, from investors who say that the company covered up flaws in its business model in order to push a merger with Tortoise Acquisition. While investors prevail on the issue of whether some of the company's challenged statements and figures are protected by the safe harbor doctrine, the bulk of the claims are tossed for not proving that the company was intentionally misleading investors by feeding them false data.
Court: USDC Northern District of California, Judge: Tigar, Filed On: January 26, 2024, Case #: 4:22cv2055, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities
J. Hurson denies a financial company’s motion for a preliminary injunction and motion for a hearing on the preliminary injunction in this Securities Exchange Act case stemming from a husband-and-wife corporation. The financial company seeks a preliminary injunction from making false or misleading statements and to enjoin the husband-and-wife corporation from violating security laws. The husband is also a board member of the financial company, he set out for a takeover of the company to benefit him and his wife’s corporation by solicitating proxies for elections of directors. A motion for reconsideration of the injunction may be appropriate after the outcome of the circuit court hearing.
Court: USDC Maryland, Judge: Hurson, Filed On: January 26, 2024, Case #: 1:23cv2720, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Elections, securities, Injunction
J. Navarro grants Fannie Mae's motion to dismiss and expunge the pending suit. The investment company alleges Fannie Mae illegally made a credit bid over the allowable amount at the property foreclosure auction. The court dismissed the investment company's wrongful foreclosure and quiet title claims and, therefore, is not likely to succeed on the merits. The remaining claim involving alleged deed of trust violations is a claim for money damages and does not affect the title or possession of real property.
Court: USDC Nevada, Judge: Navarro , Filed On: January 22, 2024, Case #: 2:22cv1942, NOS: All Other Real Property - Real Property, Categories: Property, securities, Foreclosure
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. DeSoto partially dismisses securities claims against a founder of a CBD company from an investing company that claimed it was defrauded of approximately $750,000 by being fed false statements in order to entice its investment. While the investing company has shown evidence of loss stemming from its investment, it has not shown how exactly the statements provided to it were false or how the CBD owner misused the investment funds.
Court: USDC Montana, Judge: DeSoto, Filed On: January 9, 2024, Case #: 1:22cv99, NOS: Other Fraud - Torts - Personal Property, Categories: Fraud, securities
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