10 results for 'cat:"Energy" AND cat:"Securities"'.
J. Ho finds the district court improperly certified the class of investors alleging the petroleum corporation fraudulently misrepresented the value of its oil field project. During certification proceedings, the investors presented new evidence in a reply brief involving an after-hours disclosure of a dry well, giving the corporation no fair opportunity to address it. The district court failed to permit the corporation to file a sur-reply responding to the evidence. Vacated.
Court: 5th Circuit, Judge: Ho , Filed On: April 25, 2024, Case #: 23-20424, Categories: energy, Fraud, securities
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. 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. 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
[Consolidated.] J. Childs denies petitions for review of the Federal Energy Regulatory Commission's orders concerning a regional transmission organization's request for revisions to its open access transmission tariff for the planning of end of life needs. Contrary to the consumer-side stakeholders' claims, the commission reasonably explained its decisions, and it did not act arbitrarily or capriciously.
Court: DC Circuit, Judge: Childs, Filed On: November 17, 2023, Case #: 20-1449 , Categories: energy, securities
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[Consolidated.] J. Hardwick finds that the commission properly approved the securitization of costs in an amount less than the utility requested. The commission's calculation of the amount of energy transition costs for a retired plant is supported by the evidence, and did not err by reducing the amount of power purchase costs in connection with a winter storm that the utility could recover through securitization. Affirmed.
Court: Missouri Court Of Appeals, Judge: Hardwick, Filed On: August 1, 2023, Case #: WD85800, Categories: energy, securities, Agency