8 results for 'cat:"Securities" AND cat:"Business Practices"'.
J. Navarro grants the winery's motion to dismiss stockholders' claims the winery committed securities fraud, which caused the value of its stocks to decline. The new company, just months after going public, disclosed material internal accounting failures and then hired a CFO with public company experience along with more accounting staff. The stockholders make no particularized allegations the winery was intentionally fabricating accountings, knew it was violating accounting principles or was deliberately reckless in not investigating inventory.
Court: USDC Nevada, Judge: Navarro , Filed On: March 1, 2024, Case #: 2:22cv1915, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities, Accounting Malpractice, business Practices
J. Liburdi grants a resell homes technology company's motion to dismiss a group of retirement service providers' Exchange Act claims. The technology company, which launched an iBuyers real estate platform, sufficiently showed in court that it has not made misleading statements concerning its algorithm's pricing decisions.
Court: USDC Arizona, Judge: Liburdi, Filed On: February 28, 2024, Case #: 2:22cv1717, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, business Practices
J. Devine finds the court of appeals improperly ruled in favor of the founders of a law firm who redeemed the shares of a recently departed member of the firm. The former member sued the founders, challenging their authority over his stock. The founders lacked the authority over the shares and thus did not have the legal authority to redeem them. Reversed.
Court: Texas Supreme Court, Judge: Devine, Filed On: June 23, 2023, Case #: 21-1014 , Categories: securities, business Practices, Contract
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J. Diaz finds the lower court properly granted judgment to the holding company. The investors failed to show they were misled about the merger and how the holding company's omission of cash-flow projections caused any economic loss. Affirmed.
Court: 4th Circuit, Judge: Diaz, Filed On: June 1, 2023, Case #: 21-1571, Categories: securities, business Practices
J. Kobayashi dismisses a claim of security fraud against several loan brokers and their agent, finding that investments alleged to have been made under coercion are not securities. The private commercial loans in dispute could not have been publicly traded and were not offered to other investors, and therefore cannot be considered securities under the Securities Act.
Court: USDC Hawaii, Judge: Kobayashi, Filed On: May 31, 2023, Case #: 1:22cv344, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, business Practices
J. Navarro grants the shareholder’s motion to remand this shareholder derivative action removed from state court. The company changed its business model from that of “providing advanced software technology to solve modern energy challenges” to describing itself as “a leading bitcoin mining and diversified energy company.” Ensuing events caused the stock price to fall rapidly, making the basis for this suit. The stockholder’s claims are predicated on Nevada state law, only referencing federal violations as an alternative basis.
Court: USDC Nevada, Judge: Navarro, Filed On: May 23, 2023, Case #: 2:23cv445, NOS: Stockholders’ Suits - Contract, Categories: securities, business Practices, Business Expectancy