453 results for 'cat:"Securities"'.
J. Bennett grants cross-motions for judgment on the pleadings in favor of Under Armour brought by the insurer in this insurance dispute from a consolidated class action over securities, derivative matters and a government investigation. The parties reached an agreement, and they no longer dispute the insurance coverage during the relevant times.
Court: USDC Maryland, Judge: Bennett, Filed On: April 15, 2024, Case #: 1:22cv2481, NOS: Insurance - Contract, Categories: Insurance, securities, Class Action
J. Sotomayor finds that the court of appeals improperly ruled in securities claims alleging "failure to disclose," which cannot support a private claim since a pure omission is not actionable. Reversed.
Court: US Supreme Court, Judge: Sotomayor, Filed On: April 12, 2024, Case #: 22-1165, Categories: securities
J. Browning denies the former securities firm owner's motion to vacate the arbitration award, ruling that because he and the buyers of the firm were all Financial Industry Regulatory Authority-associated individuals, he agreed to arbitrate any dispute in front of a FINRA arbitrator when he sold the firm. However, the employee's decision to arbitrate with the buyer in a non-FINRA forum supersedes her previous agreement and prevented any award against her; therefore, the FINRA arbitration award is vacated in respect to the employee.
Court: USDC New Mexico, Judge: Browning, Filed On: April 9, 2024, Case #: 1:22cv596, NOS: Arbitration - Other Suits, Categories: Arbitration, securities
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J. Cote grants an oil and natural gas company’s motion to dismiss in this matter of alleged securities fraud. An investment fund argues the oil company owned by the Venezuelan government engaged in a scheme to defraud investors when notes were declared invalid by an interim Venezuelan president in 2019. But the investment company failed to state a claim for which relief could be sought, so the instant court finds in favor of the oil company. Dismissed.
Court: USDC Southern District of New York, Judge: Cote, Filed On: April 8, 2024, Case #: 23cv5604, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities
J. Mendoza finds that the district court ruled improperly in part in a securities-fraud complaint against children's entertainment company Genius Brands International. The shareholders adequately pleaded that Genius fraudulently concealed its relationship with a stock promoter, as well as adequately pleaded loss causation with respect to claims that Genius misrepresented that Disney or Netflix would be acquiring the company. However, they did not adequately plead loss causation relating to Genius' alleged misrepresentations regarding its relationship with Arnold Schwarzenegger. Reversed in part.
Court: 9th Circuit, Judge: Mendoza, Filed On: April 5, 2024, Case #: 22-55760, Categories: Fraud, securities
J. Pechman finds in favor of Oppenheimer & Co. for its complaint seeking to prevent the investors from asserting claims against it in a Financial Industry Regulatory Authority (FINRA) arbitration case, as the investors want to recover funds they lost in a private equity fund called Horizon Private Equity III LLC that an Oppenheimer-registered broker allegedly created and operated for a Ponzi scheme. The Oppenheimer & Co. has no obligation to arbitrate any and all claims that the investors asserted in the underlying FINRA arbitration case because the investors do not present any evidence that the registered broker facilitated the purchase through the trust company.
Court: USDC Western District of Washington, Judge: Pechman, Filed On: April 5, 2024, Case #: 2:23cv67, NOS: Other Statutory Actions - Other Suits, Categories: Arbitration, securities
Per curiam, the appellate division finds that the lower court properly granted Viacom's motion to dismiss a securities class action, but denied the underwriters' motion to dismiss the same claims. A reasonable investor could find it relevant that the underwriters planned to sell their own holdings of Viacom, while Viacom was offering $3 billion of equities. Investors have adequately alleged that the underwriters did not implement any information barrier between their underwriting and brokerage departments that would have prevented the improper trading on insider information. Affirmed.
Court: New York Appellate Divisions, Judge: Per curiam, Filed On: April 4, 2024, Case #: 01866, Categories: Fraud, securities, Class Action
J. Christiansen Forster finds that the district court properly adjusted the $100 monthly restitution payments defendant was making toward a $50,000 total. The new $1,100 monthly payments, which were based on an updated financial declaration, changed only the payment schedule, not the underlying restitution order or the original sentence, so statute, double jeopardy or due process rights were not violated. Affirmed.
Court: Utah Court Of Appeals, Judge: Christiansen Forster, Filed On: April 4, 2024, Case #: 20230253-CA, Categories: Fraud, Restitution, securities
J. Gordon grants, in part, the lenders' motion to dismiss a borrower and guarantor's counterclaims. The lenders originally filed suit alleging they fraudulently transferred stocks as repayment. The guarantor contends he first learned of the stock transfers after a previous judgment was entered, but the lenders point to publicly available financial documents that disclosed the stock transfers before the original complaint was filed. Certain counterclaims are precluded, while a conspiracy claim must be dismissed because it is not supported by allegations for damages.
Court: USDC Nevada, Judge: Gordon , Filed On: April 2, 2024, Case #: 2:22cv1206, NOS: Other Fraud - Torts - Personal Property, Categories: Fraud, securities, Banking / Lending
[Consolidated.] J. Rakoff grants the banks' motion to dismiss seven securities class actions alleging the banks sold billions of dollars of securities before the news publicly broke that their client, Archegos Capital Management, had engaged in market manipulation of these issuers. The investors have not alleged that Archegos shared the issuers' confidential information, so they cannot assert an insider trading theory.
Court: USDC Southern District of New York, Judge: Rakoff, Filed On: April 1, 2024, Case #: 1:21cv8413, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities, Class Action
J. Matsumoto dismisses a securities fraud class action against Immunovant, a drug manufacturer, over alleged misstatements and omissions made regarding the development, testing and marketing of one of its autoimmune disease medications. The court finds disagreements over the parties’ competing interpretations of data obtained in clinical trials is not actionable under securities laws, thus the investors fail to plead material misrepresentations and scienter.
Court: USDC Eastern District of New York, Judge: Matsumoto, Filed On: March 29, 2024, Case #: 1:21cv918, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Health Care, securities, Class Action
J. Subramanian partially denies the company's motion to dismiss a securities fraud action alleging it falsely portrayed its business as having a unique, asset-light, consignment model when it really operated like any other used-car dealership. The investors lack statutory standing for the pre-merger statements, but adequately plead scienter for executives' financial projections on an earnings call and statements regarding its reliance on one main sourcing partner.
Court: USDC Southern District of New York, Judge: Subramanian, Filed On: March 29, 2024, Case #: 1:21cv5906, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, Class Action
J. Hanen grants summary judgment to the securities and exchange commission finding the bitcoin mining investments, offered by a company whose owners comingled funds, qualified as securities. Although the investments were bogus the scheme still falls under the jurisdiction of the securities and exchange commission and the company and its owners are subject to the agency’s claims against them.
Court: USDC Southern District of Texas, Judge: Hanen, Filed On: March 29, 2024, Case #: 4:20cv1187, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, Conversion
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. Hall dismisses a class action brought against Kandi, a Chinese electric-vehicle manufacturer, for securities violations. The case stems from allegations that it used fake vehicle sales to obtain $160 million from U.S. investors, allegations which the company denies. The investors fail to plead scienter.
Court: USDC Eastern District of New York, Judge: Hall, Filed On: March 29, 2024, Case #: 2:20cv6042, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, Class Action