453 results for 'cat:"Securities"'.
J. Winmill grants in part investors' motion for summary judgment and default judgment regarding an "alleged Ponzi scheme masquerading as a
cryptocurrency investment fund." The investors have provided sufficient evidence of false representations and that the fund manager misappropriated investor funds for personal use, including "purchasing groceries, sporting goods, clothing, gold, silver coins, meals, home improvements and [a] wedding" in violation of federal and state law. The investors "must submit a summary of the total damages they seek, the basis for these damages, and the amount of damages for which they are entitled to prejudgment interest, and the legal basis for those damages."
Court: USDC Idaho, Judge: Winmill, Filed On: March 28, 2024, Case #: 2:20cv352, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities
J. Mazzant affirms the judgment of the bankruptcy court in favor of co-trustees seeking to recover on a $3.2 million debt owed for violations of securities laws stemming from allegations the decedent's investments in a company were fraudulently procured. The debt was nondischargeable under the Bankruptcy Code since it resulted from a state court judgment for "violations of securities laws or fraud in connection with the sale or purchase of securities."
Court: USDC Eastern District of Texas , Judge: Mazzant, Filed On: March 28, 2024, Case #: 4:23cv109, NOS: Bankruptcy Appeal 28 USC 158 - Bankruptcy, Categories: Bankruptcy, securities
J. Menendez partially grants the medical technology company's motion to dismiss the shareholders' suit alleging that it misrepresented a product's progress toward FDA approval to investors. The shareholders have not alleged facts showing that any of the company's backward-looking statements about the product were false statements of material fact or actionable omissions. Other statements the shareholders point to are inactionable opinions, and their complaint does not include any statements by the company or its officers guaranteeing or assuring that the product would be approved by the FDA, at all or on a particular timeline.
Court: USDC Minnesota, Judge: Menendez, Filed On: March 28, 2024, Case #: 0:22cv2197, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, Class Action
J. Marcus denies a landlord’s petition for review of his application for a whistleblower award after he informed the Securities and Exchange Commission of his suspicions that his tenant was part of a Ponzi scheme in Ohio. The Commission did not use the information the landlord provided in any way.
Court: 11th Circuit, Judge: Marcus, Filed On: March 27, 2024, Case #: 22-14011, Categories: securities
Want access to unlimited case records and advanced research tools? Create your free CasePortal account now. No credit card required to register.
Try CasePortal for Free
J. Graham grants the mall property owner's motion to dismiss, ruling the investors fail to provide a causal link between statements made by executives about potential returns on investment and a sharp drop in the company's stock price shortly before they declared bankruptcy. Although several of the projections proved to be inaccurate, there is no evidence of fraud on the part of the executives, while the impact of the Covid-19 pandemic on malls across the country led to a large amount of the losses sustained before the company filed for bankruptcy.
Court: USDC Southern District of Ohio, Judge: Graham, Filed On: March 27, 2024, Case #: 2:21cv2757, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, Covid-19
J. Schofield denies the company's motion to dismiss a securities fraud suit alleging it made material omissions in statements about an acquisition. The statements allegedly created the impression the acquisition would be approved by the government without requiring renegotiation of the merger. The company repeatedly and specifically stated the expected merger timetable, which was misleading if corporate executives, behind the scenes, knew otherwise.
Court: USDC Southern District of New York, Judge: Schofield, Filed On: March 27, 2024, Case #: 1:22cv4838, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, Class Action
J. White allows some securities claims to survive against HP from investors who say the company was not fully transparent on the health of its supplies-centric business arm, which largely revolves around the selling of ink and toner. The company told investors that its supplies business was healthy and that any downward trends were for reasons outside the company's control, but investors say these statements undersold how badly its ink and toner market was suffering. While not all of the company statements are actionable or blatantly misleading, there is just enough on the record to show that investors could have been misled, allowing misrepresentation claims to survive to the next stage.
Court: USDC Northern District of California, Judge: White, Filed On: March 27, 2024, Case #: 4:20cv7835, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities
J. Failla denies the crypto-asset trading platform's motion to dismiss the SEC's suit accusing it of violating federal securities laws by offering its services without registering with the SEC as an exchange, broker, or clearing agency. Many of the transactions on Coinbase's platform constitute "investment contracts," which federal securities laws have long recognized as securities subject to SEC regulation. However, Coinbase is entitled to dismissal of the claim that it acts as an unregistered broker by making its Wallet application available to customers.
Court: USDC Southern District of New York, Judge: Failla, Filed On: March 27, 2024, Case #: 1:23cv4738, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities, Agency
J. Williams grants the trademark owner's motion to dismiss counterclaims filed by the infringing competitor, ruling its unfair competition and securities claims fail because there are no allegations of unlawful securities transactions and the claims also deal with the owner's actions in the Japanese market, which are outside the scope of the relevant statute.
Court: USDC Connecticut, Judge: Williams, Filed On: March 25, 2024, Case #: 3:20cv1056, NOS: Trademark - Property Rights, Categories: securities, Trademark, Jurisdiction
J. Burroughs denies a software company and two of its executives’ motion to dismiss a class action brought against them by a retirement trust for allegedly making false and misleading statements about demand for, and sales of, the company’s software. While forward-looking comments are not actionable, false statements made about the present are.
Court: USDC Massachusetts, Judge: Burroughs, Filed On: March 25, 2024, Case #: 1:22cv10321, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, Class Action
J. Callahan finds that the district court properly dismissed, for failure to state a claim, an action alleging violations of the Securities Exchange Act when a biopharmaceutical company's chief executive officer and vice president announced that it might have discovered a “cure” for Covid-19. In context, the company’s representations in a press release, a Fox News article and a BioSpace.com article were not materially false or misleading. The allegations in stockholders' class-action complaint did not support the requisite strong inference of scienter in the company’s intent to improperly manipulate the price of the company's shares. Affirmed.
Court: 9th Circuit, Judge: Callahan, Filed On: March 25, 2024, Case #: 22-55641, Categories: securities, Covid-19
J. Bashant grants final approval to a $7.5 million settlement in a securities class action against GW Pharmaceuticals. Although the settlement amount represents approximately 1% of the maximum potential damages estimated by the shareholder's expert, GW Pharmaceuticals persuasively argues "that the hypothetical $600 million recovery was a 'pie in the sky value'." Furthermore, the settlement amount is "very much in line" with settlements in other similar litigation.
Court: USDC Southern District of California, Judge: Bashant, Filed On: March 25, 2024, Case #: 3:21cv1019, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Settlements, securities, Class Action
J. Milazzo denies a request by a representative for a Louisiana investment firm, seeking to strike certain allegations from an Securities and Exchange Commission complaint against him and his employer that he says would prejudice the jury against him in a trial for a "cherry-picking" scheme. The SEC complaint includes allegations his previous employer fired him for inappropriate behavior that did not involve securities and that his current employer knew his ex-wife had accused him of misappropriating $450,000 from his sons’ trust accounts. The adviser can prevent prejudice by a pre-trial request to redact the allegations from the complaint “if and when it is shown to the jury.”
Court: USDC Eastern District of Louisiana , Judge: Milazzo, Filed On: March 21, 2024, Case #: 2:23cv5650 , NOS: Securities/Commodities/Exchange - Other Suits, Categories: Civil Procedure, Jury, securities
J. Smith dismisses the appeal for lack of its jurisdiction to review a denied, procedurally improper motion for declaratory judgment. The investment broker was sued by the Securities and Exchange Commission for fraudulently offering and selling life settlement interests. No change in law or facts call for the court to exercise its discretion to modify the decrees. A motion for declaratory judgment is not properly before the court as a motion, but as a separate action.
Court: 5th Circuit, Judge: Smith , Filed On: March 19, 2024, Case #: 23-10525, Categories: Fraud, securities, Due Process
J. Kovner dismisses a securities lawsuit filed by investors in a popular mobile video game company alleging the company failed to disclose that it was in the process of overhauling the code for two of its most successful games which, once became public in a quarterly report, contributed to a 23% drop in its stock price. The investors failed to alleged that, had the company disclosed its revamp plans in its IPO documentation, it would have kept the existing disclosures from being misleading.
Court: USDC Eastern District of New York, Judge: Kovner, Filed On: March 18, 2024, Case #: 1:21cv6571, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities
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. Gilliam dismisses securities claims against Ardelyx from investors who say the company didn't disclose that its proposed new treatments for hyperphosphatemia were unlikely to get approval from the FDA. A review of all the documents and press statements put out by the company shows it was very open with investors about the uphill battle with its new treatments, even going so far as to tell investors that its clinical data could be too lackluster for the FDA to issue approval. As a result, there are no false statements or misrepresentations strong enough to support securities claims.
Court: USDC Northern District of California, Judge: Gilliam, Filed On: March 18, 2024, Case #: 4:21cv5868, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities
J. St. Eve finds that the lower court properly overturned the bankruptcy court's decision, holding that the parties' loan authorization agreement and guaranty qualified as securities contracts totaling $25 million. Although this transfer left the debtor in dire financial straits, the trustee cannot seek to recover this money because it falls within the safe harbor provision. Affirmed.
Court: 7th Circuit, Judge: St. Eve, Filed On: March 15, 2024, Case #: 23-1931, Categories: Bankruptcy, securities
J. Scudder certifies a question to the Delaware Supreme Court regarding whether last year's ruling in Cantor Fitzgerald v. Ainslie precludes reviewing forfeiture-for-competition provisions for reasonableness in circumstances outside the limited partnership context, and whether it applies in circumstances with unsophisticated parties in a clawback situation.
Court: 7th Circuit, Judge: Scudder, Filed On: March 15, 2024, Case #: 23-2330, Categories: Corporations, securities
J. Silva grants the developer's motion to dismiss his former partner's contract claim. The developer made significant purchases of shares of cannabidiol companies on his long-term partner's recommendation, a move that also included discussion of a 50/50 partnership. Though certain meetings were held in Nevada, investments were made in companies headquartered in other states, and the developer has not purposefully conducted business in Nevada or purposefully directed his activities toward Nevada. There is no basis for jurisdiction.
Court: USDC Nevada, Judge: Silva , Filed On: March 14, 2024, Case #: 2:22cv821, NOS: Other Contract - Contract, Categories: securities, Partnerships, Contract