39 results for 'cat:"Fraud" AND cat:"Securities" AND cat:"Class Action"'.
J. Robart grants the pension trust's motion to appoint it as the lead plaintiff in this securities fraud class action accusing Funko and two of its executive officers of not disclosing material facts about Funko's business and operations and artificially inflating its common stock. The pension trust should be the lead plaintiff because it has the largest financial interest in this case, with losses totaling $619,800, and the pension trust established a prima facie showing of typicality and adequacy by proving that it purchased Funko shares and basing its claims on the same legal theories as the rest of the class.
Court: USDC Western District of Washington, Judge: Robart, Filed On: August 17, 2023, Case #: 2:23cv824, NOS: Securities/Commodities/Exchange - Other Suits, Categories: fraud, securities, class Action
J. Wesley finds that the district court improperly certified a class of shareholders on remand of claims contending executives committed securities fraud in statements concerning the management of conflicts of interest at Goldman Sachs because shareholders did not establish a firm link between Goldman's corrective disclosures on conflict and prior alleged misstatements that caused stock prices to drop. Reversed.
Court: 2nd Circuit, Judge: Wesley, Filed On: August 10, 2023, Case #: 22-484, Categories: fraud, securities, class Action
J. Stein dismisses this securities class action against the Chinese news-aggregation app, its directors and officers, and its corporate underwriters relating to its IPO. The investors have not stated with sufficient particularity that the app intentionally placed illegal ads on its platform but failed to disclose that strategy.
Court: USDC Southern District of New York, Judge: Stein, Filed On: August 3, 2023, Case #: 1:20cv6707, NOS: Securities/Commodities/Exchange - Other Suits, Categories: fraud, securities, class Action
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J. Young declines to dismiss the investors' securities action against software company Pegasystems and its CEO after the company was ordered to pay more than $2 billion for stealing another company's trade secrets. It can be inferred that the CEO "was aware of, participated in, and directed" Pegasystems' espionage against the other company, and that Pegasystems rewarded the authors of the conspiracy with cash bonuses. The investors sufficiently allege that Pegasystems deceived them when it promised to never use illegal means to acquire a competitor's trade secrets and when it later reassured the investors that the other company's claims were without merit.
Court: USDC Massachusetts, Judge: Young, Filed On: July 24, 2023, Case #: 1:22cv11220, NOS: Securities/Commodities/Exchange - Other Suits, Categories: fraud, securities, class Action