The D&O Diary

The D&O Diary

A PERIODIC JOURNAL CONTAINING ITEMS OF INTEREST FROM THE WORLD OF DIRECTORS & OFFICERS LIABILITY, WITH OCCASIONAL COMMENTARY

Tag Archives: securities class action

Guest Post: Halliburton: Procedures and Percentages—Why Did the Court Care and What Do They Mean?

Posted in Securities Litigation
The Halliburton case now before the U.S. Supreme Court could potentially change the securities class action litigation landscape in the United States, as the Court considers whether or not to dump the fraud on the market theory.  However, based upon the oral argument in the case on Wednesday, March 5, 2014, it appears that the … Continue Reading

Securities Suit Filings “Sharply” Down: Cornerstone Research Releases 2012 Report

Posted in Securities Litigation
Securities class action lawsuit filings were down “sharply” in 2012 compared to the prior year and to historical average, according to Cornerstone Research’s annual report. The study, published in conjunction with the Stanford Law School Securities Class Action Clearinghouse and entitled “Securities Class Action Filings: 2012 Year in Review,” can be found here.  A short, … Continue Reading

First Subprime Securities Lawsuit Settlement?

Posted in Subprime Litigation
In what is as far as I am aware the first class action settlement in the current wave of subprime-related securities lawsuits, on October 14, 2008, WSB Financial Group announced (here) that it had entered into a settlement agreement of the class action lawsuit pending against the company and certain of its directors and officers. … Continue Reading

Companies Collapse, Preferred Shareholders Sue

Posted in Securities Litigation, Subprime Litigation
The full consequences of the dramatic recent events in the financial markets may take years to emerge, but one direct effect has already appeared – the collapse of several large financial institutions has turned preferred shareholders into securities class action plaintiffs.   Historically, securities class action lawsuits have been pursued on behalf of common shareholders, … Continue Reading

Securities Lawsuits: A Global Phenomenon?

Posted in International D & O, Securities Litigation
Among the many consequences of an increasingly global economy is that investor interest in pursuing claims for securities wrongdoing has become a more nearly universal phenomenon. While collective-style lawsuits largely had been restricted to claims in U.S. courts under U.S. law, a growing list of countries are adopting at least some elements of U.S.-style securities … Continue Reading

“Subprime” Litigation? More Like “Credit Crisis” Litigation

Posted in Securities Litigation, Subprime Litigation
A lawsuit filed late last week against First Marblehead Corporation underscores that the current lawsuit onslaught so often referred to as the “subprime” litigation wave is, and really has been for awhile, about so much more than just subprime. Although we are probably stuck with the “subprime” label as a shorthand way to describe these … Continue Reading

PwC Releases 2007 Securities Litigation Study

Posted in Securities Litigation
On April 8, 2008, PricewaterhouseCoopers released its 2007 Securities Litigation Study, which can be found here. The PwC study follows prior reports from NERA Economic Consulting (refer here) and Cornerstone Research (refer here and here). The PwC study differs from the other studies in certain details but the studies are all directionally consistent. The PwC … Continue Reading

Two Options Backdating Securities Lawsuits Dismissed

Posted in Options Backdating
In two recent federal district court decisions, two options backdating-related securities class action lawsuits – one involving Witness Systems and one involving Jabil Circuit – were dismissed. First, in the Witness Systems case, on March 31, 2008, Judge Clarence Cooper of the United States District Court for the Northern District of Georgia granted the defendants’ … Continue Reading

Subprime-Related Derivative Lawsuits: The List

Posted in ERISA, Shareholders Derivative Litigation, Subprime Litigation
Regular readers know that I have been tracking subprime-related class-action lawsuits (here). In a recent post, I noted my interest in trying to develop a similar list of subprime-related derivative lawsuits. In response to my request, a number of readers supplied helpful information, and as a result I have been able to develop a list … Continue Reading

$65 Million KLA-Tencor Options Backdating Class Action Settlement

Posted in Options Backdating
In its January 24, 2008 quarterly earnings release (here), KLA-Tencor also announced that it had entered into an agreement to settle the options backdating-related securities class action lawsuit that had been pending against the company and certain of its directors and officers for $65 million. KLA-Tencor was among the companies mentioned in a front-page May … Continue Reading

Tracking the Opt-Out Settlements

Posted in Opt-Outs, Securities Litigation
In prior posts (most recently here), I have written about the increasing importance of opt-out settlements in the context of securities class action litigation. Along the way, numerous readers have inquired whether I am aware of a publicly available resource that is tracking the securities lawsuit opt-out settlements. I am not aware of any public … Continue Reading