49 results for 'nos:"Stockholders’ Suits - Contract"'.
J. Nunley denies, in part, a mineral exploration company’s motion to dismiss securities and elder abuse claims filed by the oldest operating gold mine in the U.S. and several of its stockholders. Contrary to the company's argument, they need not alleged "evil intent" to support their request for punitive damages.
Court: USDC Eastern District of California, Judge: Nunley, Filed On: March 29, 2024, Case #: 2:23cv376, NOS: Stockholders’ Suits - Contract, Categories: Energy, Securities
J. Hillman grants a company’s motion to dismiss all claims brought against it by its former CEO. The CEO’s claims were already addressed, or could have been addressed, in a prior civil action and are therefore barred from further litigation.
Court: USDC Massachusetts, Judge: Hillman, Filed On: March 19, 2024, Case #: 1:20cv11148, NOS: Stockholders’ Suits - Contract, Categories: Civil Procedure, Employment, Business Expectancy
J. Davila dismisses all securities claims against Apple from shareholders who claim the company, starting as far back as 2004, entered into illegal agreements with other companies to not solicit each other's employees. A prior order from an appeals court in 2021 bars all of the current claims under the issue preclusion doctrine, leaving the claims dismissed with prejudice.
Court: USDC Northern District of California, Judge: Davila, Filed On: March 18, 2024, Case #: 5:14cv3634, NOS: Stockholders’ Suits - Contract, Categories: Securities
J. Komitee dismisses a shareholders’ suit against JPMorgan Chase for its alleged failure to disclose the widespread use of unapproved communications channels among its employees, which resulted in a $200 million civil penalty issued by the Securities and Exchange Commission. The shareholder fails to plead material misstatements, false or misleading statements or omissions regarding the financial institution’s risk controls in its 2021 proxy statement.
Court: USDC Eastern District of New York, Judge: Komitee, Filed On: March 14, 2024, Case #: 1:22cv1331, NOS: Stockholders’ Suits - Contract, Categories: Securities
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J. Watters denies in large part a motion to dismiss several securities and contract claims against an oil company and its president from the president's sister. The sister claims that despite her having an ownership in the company, the president has used the company to benefit himself and his family to the detriment of his sisters, violating a trust as a result. Neither party has shown that any of the "triggering events" have happened yet, meaning the statute of limitations period has not even begun. Some claims are tossed, such as a misapplication of corporate assets claims, for being derivative of others.
Court: USDC Montana, Judge: Watters, Filed On: February 14, 2024, Case #: 1:23cv59, NOS: Stockholders’ Suits - Contract, Categories: Securities, Contract
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. Coughenour dismisses the shareholder's complaint alleging that Jeff Bezos and other current and former Amazon directors and officers stored customer data without the customer's knowledge, putting Amazon at risk of lawsuits. The shareholder's complaint does not allege that any director “received a material personal benefit from the alleged misconduct," nor does he present sufficient evidence to establish demand futility regarding most of the directors.
Court: USDC Western District of Washington, Judge: Coughenour, Filed On: January 30, 2024, Case #: 2:22cv559, NOS: Stockholders’ Suits - Contract, Categories: Fiduciary Duty, Class Action
J. Trauger denies the defendant executives' motion for judgment on the pleadings in this stockholder derivative lawsuit involving a corporation that operates senior-living communities. The stockholder's complaint contends that the executives breached their fiduciary duties "by allowing the company's alleged problems to persist and by misleading the public." The court now finds that the plaintiff stockholder has plausibly alleged that the corporate board "unfairly induced her to file her claims outside the statute of limitations."
Court: USDC Middle District of Tennessee , Judge: Trauger, Filed On: January 4, 2024, Case #: 3:21cv373, NOS: Stockholders’ Suits - Contract, Categories: Civil Procedure, Health Care, Fiduciary Duty
J. Peterson partially grants the father's motion for attorney fees and costs in a lawsuit against his son and others involving a dispute between family over ownership of a company that runs multiple car dealerships. The father is awarded one-third of his total request for attorney fees, which will amount to $204,402, and he is also awarded $60,033 in costs, bringing his total award to $264,435.
Court: USDC Western District of Wisconsin, Judge: Peterson, Filed On: December 14, 2023, Case #: 3:19cv980, NOS: Stockholders’ Suits - Contract, Categories: Fiduciary Duty, Attorney Fees, Contract
J. Land rules in favor of the dissenting shareholders in a judicial appraisal action arising after the shareholders demanded a payment of $1.25 per share. The shareholders invoked their right under the Georgia Dissenters' Rights law to be paid for their shares after dissenting to the board of directors' recommendation that the corporation sell some assets to another company and enter a joint venture that would combine the corporation with another entity. The fair value of the corporation as of the valuation date is 56 cents per share.
Court: USDC Middle District of Georgia, Judge: Land, Filed On: December 11, 2023, Case #: 3:22cv7, NOS: Stockholders’ Suits - Contract, Categories: Securities
J. Rowland partially grants the defendant real estate investors’ motion to dismiss a fraud complaint brought by one of their former business partners, the plaintiff real estate investor. During a fight over the partner’s shares of their mutually owned business, the sued investors began to box plaintiff out of communications and financial documents, and using financial maneuvers to ensure he didn’t receive payouts from the company’s general partners. The court finds the plaintiff investor has sufficiently alleged this constituted securities fraud, shareholder oppression and fraudulent concealment as to one account, but dismisses his breach of fiduciary duties claims and his fraudulent concealment claims as they regard another account.
Court: USDC Northern District of Illinois, Judge: Rowland, Filed On: December 6, 2023, Case #: 1:22cv5628, NOS: Stockholders’ Suits - Contract, Categories: Fraud, Real Estate, Securities
J. Chun dismisses without prejudice the shareholders' consolidated amended complaint accusing Amazon and six of its corporate executives of not telling them that Amazon's sales figures were not sustainable. The shareholders do not present any direct evidence about the corporate executives' states of mind nor do they present substantial circumstantial evidence to prove that the corporate executives did what is alleged in the shareholders' complaint.
Court: USDC Western District of Washington, Judge: Chun, Filed On: December 4, 2023, Case #: 2:22cv617, NOS: Stockholders’ Suits - Contract, Categories: Securities
J. Simon denies the majority shareholders' motion to dismiss the minority shareholder's complaint that the majority shareholders breached their fiduciary duties to him as a minority shareholder of PPV Inc. The majority shareholders claim that the minority shareholder could have brought up his fiduciary duty claim during a prior bankruptcy proceeding, but the bankruptcy court already concluded that it did not have jurisdiction over that claim, and the majority shareholders do not have an argument for why the bankruptcy court would have jurisdiction.
Court: USDC Oregon, Judge: Simon, Filed On: November 21, 2023, Case #: 3:23cv526, NOS: Stockholders’ Suits - Contract, Categories: Bankruptcy, Fiduciary Duty, Jurisdiction
J. Graham denies the employer's motion to dismiss, ruling that although it is based in Florida, its decision to form a partnership with the Ohio-based employee and allow him to work from home satisfies Ohio's long-arm statute and establishes jurisdiction for the employee's lawsuit.
Court: USDC Southern District of Ohio, Judge: Graham, Filed On: November 20, 2023, Case #: 2:22cv4376, NOS: Stockholders’ Suits - Contract, Categories: Employment, Jurisdiction, Contract
J. Rakoff certifies a class of investors who held Class A shares in the defendant corporation who claim they are entitled to a pro rata distribution of a termination fee the company received from another company with which a planned merger failed. The investors had no duty to mitigate their damages because they do not seek any additional damages, only the distribution of a fee paid to the company. The firm Morris Kandinov LLP is appointed as class counsel.
Court: USDC Southern District of New York, Judge: Rakoff, Filed On: November 1, 2023, Case #: 1:22cv10986, NOS: Stockholders’ Suits - Contract, Categories: Securities, Class Action
J. Navarro grants the stock transfer agent’s motion to deposit funds after the stockholder filed suit alleging its and the tech company’s failure to register and transfer his shares of stock. The stockholder would have received $187,500 for shares but for the agent’s refusal to register and transfer the shares. The court awarded the stockholder damages accounting for the loss at which he sold his shares during the lawsuit as the agent distributed them. The award does not remedy the period in which the stockholder was deprived the use and value of the stock’s money, and the tech company is equally liable.
Court: USDC Nevada, Judge: Navarro, Filed On: October 25, 2023, Case #: 2:21cv2040, NOS: Stockholders’ Suits - Contract, Categories: Securities, Damages, Business Expectancy
J. Ross dismisses, for lack of subject matter jurisdiction, a lawsuit alleging breach of contract, embezzlement and fraud claims against a Chinese national stemming from an investment to help finance the purchase of a shopping center located in Florida. The court adds to the complaint the LLC overseeing the purchase, finding it a necessary and indispensable party, but in doing so destroys diversity between parties.
Court: USDC Eastern District of New York, Judge: Ross, Filed On: October 20, 2023, Case #: 1:23cv2787, NOS: Stockholders’ Suits - Contract, Categories: Fraud, Jurisdiction, Venue
J. Trauger grants the Dollar General defendants' motion to dismiss this stockholder derivative complaint asserting claims for breach of fiduciary duty and unjust enrichment against certain individual directors and executives, in connection with allegations of employee safety failures. The stockholder plaintiff should have given the board of directors an "opportunity to evaluate this proposed lawsuit" prior to bringing suit. Accordingly, he is not entitled to bring the derivative suit under Tennessee law.
Court: USDC Middle District of Tennessee , Judge: Trauger, Filed On: October 12, 2023, Case #: 3:23cv59, NOS: Stockholders’ Suits - Contract, Categories: Securities, Fiduciary Duty
[Consolidated.] J. Bennett grants Under Armour’s motion to dismiss allegations of misrepresentations to the company’s shareholders about its performance and consequent loss in sales. The shareholders collectively filed putative actions for alleged violations of securities laws because the company and its executives hid the company’s losses from shareholders. However, these actions are pending, so the company’s dismissal is granted until the actions are resolved. Also, the court does not have subject matter jurisdiction until those actions are resolved.
Court: USDC Maryland, Judge: Bennett, Filed On: September 27, 2023, Case #: 1:20cv3390, NOS: Stockholders’ Suits - Contract, Categories: Civil Procedure, Securities, Jurisdiction