The Supreme Court has issued its much-anticipated opinion in the Tellabs case. The opinion can be found here. The case examined the question of what a plaintiff is required to plead under the Private Securities Litigation Reform Act (PSLRA) in order to establish a “strong inference” that the defendant acted with the requisite mental
PwC Releases Its 2006 Securities Litigation Report
Adding its contribution to the previously released studies of NERA (here) and Cornerstone (here), PricewaterhouseCoopers recently released its annual report (here) regarding 2006 securities class action litigation. The PwC report is generally consistent with the other studies, but it does add a few interesting additional insights.
Perhaps most interesting
Counting the Subprime Lender Lawsuits
Updated November 12, 2011: As shown in the lists below, the lawsuits against subprime lenders are starting to mount up. This is hardly a surprising development; as the WSJ.com Law blog noted (here), law firms are already announcing their formation of subprime lending task forces and teams, just as a year
Securities Claims Against Pharmaceutical Companies: Frequent but Flawed?
Even as the number of new securities lawsuits in general fell to 10-year lows in 2006 (refer here), the number of lawsuits filed against pharmaceutical companies has remained at elevated levels. As noted in my prior analysis of the 2006 securities lawsuits filings (here), eight of the 110 securities fraud class action
Record European Securities Class Settlement
On April 11, 2007, Royal Dutch Shell announced (here) that it had agreed to pay $352.6 million to non-U.S. investors who bought Shell shares outside the U.S., in connection with the company’s 2004 oil resources accounting scandal. According to the Times (London), here, the agreement is "thought to represent the largest ever
Cornerstone Releases Study of 2006 Securities Class Action Settlements
On March 21, 2007, Cornerstone Research released its analysis of 2006 securities class action settlements (here). Cornerstone had previously released its study of 2006 securities class action filings (here). NERA Economic Consulting also previously released its analysis of 2006 securities class action filings and settlements (here). Cornerstone’s study differs
Another Call to Eliminate Private Securities Lawsuits
Amidst the current clamor over the competitiveness of the U.S. financial markets, a recurring theme has been the burden on the financial markets of U.S. litigiousness. One variant of this theme that has gotten air time is the idea that private securities lawsuits should be eliminated. The most prominent proponent of this idea is Stanford
Court’s Friends Spar Over Tellabs
Led by Marc Dann, the recently elected Democratic Attorney General of Ohio, the attorneys general for 22 states, plus the attorneys general for Puerto Rico and American Samoa, have filed an amicus brief (here) in the Tellabs case pending before the U.S. Supreme Court. The states’ brief strongly disagrees with the
Why The Tellabs Case Will Matter
In the latest issue of InSights (here), I take a look at the Tellabs case now pending before the U.S. Supreme Court and discuss why the outcome of the case will matter. As noted at greater length in the article, the case “has the potential to significantly alter the securities litigation landscape for
Dura’s Impact on Lead Plaintiff Selection
In the securities fraud lawsuit arising out of the Comverse Technology options backdating scandal, a federal district judge, applying principles derived from the Supreme Court’s 2005 decision in the Dura case, has overturned a magistrate judge’s lead plaintiff ruling, resulting in the Lerach Coughlin firm’s removal lead counsel in the case. (The background on the