Ever since the U.S. Supreme Court’s March 2010 decision in Morrison v. National Australia Bank courts have struggled with application of the Morrison Court’s standard to securities lawsuits involving transactions in American Depository Receipts. As I noted in a prior blog post, one of the latest court rulings involving the application of Morrison to ADR transactions was the denial of the motion for class certification in the Toshiba case. In the following guest post, Daniel J. Tyukody and Robert A. Horowitz take a closer look that the class certification motion denial in Toshiba and consider the implications of the ruling. Tyukody and Horowitz are Co-Chairs of Greenberg Traurig, LLP’s Securities Litigation Practice. I would like to thank the authors for allowing me to publish their article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this blog’s readers. Here is the authors’ article.
Continue Reading Guest Post: The Elusive Search For Determining The Reach Of Section 10(b) Liability Following Morrison
In the latest SPAC-related securities class action lawsuit to be filed, a plaintiff shareholder has filed a post-merger lawsuit against a commercial space launch company that merged with a SPAC in June 2021. As is the case with many of the SPAC-related securities lawsuits, the defendant company was sued after its share price declined following the publication of a short-seller report. A copy of the complaint filed against Astra Space, Inc. on February 9, 2022 can be found 
Readers of this blog know that two important current litigation trends involve the filing of claims relating to cybersecurity incidents and the filing of COVID-19-related claims. A new securities class action lawsuit filed this week touched on both of these securities suit filing trends. Secure technology company Telos Corporation was hit with a securities suit following a decline in the price of its shares after the company experienced revenue delays owing to cybersecurity and coronavirus related “headwinds” that postponed the company’s performance of two key contracts. A copy of the plaintiffs’ complaint filed on February 7, 2022 against Telos can be found 
Last summer, I 
In the latest example of a SPAC-related securities class action lawsuit against a post-SPAC-merger company in the electric vehicle industry, a plaintiff shareholder has filed a securities suit against Electric Last Mile Solutions, Inc. an EV company that merged with a SPAC in June 2021. The lawsuit comes after the company announced the departure of its CEO and its Chairman and the need for the company to restate prior financial statements. A copy of the plaintiff’s February 3, 2022 complaint can be found 
Securities class action lawsuit filings “plummeted” in 2021 compared to recent prior years, largely as a result of declines in M&A litigation and in the number of “core” Rule 10b-5 lawsuits, according to the latest annual report from Cornerstone Research. According to the report, entitled “Securities Class Action Filings: 2021 Year in Review,” the number of new federal and state securities class action lawsuit filings decline 35% compared to 2020, but nevertheless remained “in line” with the 2012-2016 average. The report can be found 
There were fewer than 300 total securities class action lawsuit filings in 2021 for the first time since 2016, according to the latest report from NERA Economic Consulting. While the report, entitled “Recent Trends in Securities Class Action Litigation: 2021 Full-Year Review,” notes that securities suit filings declined in 2021 compared to recent years, largely due to a decline in merger objection lawsuit filings, the number of 2021 securities suit filings is “well within pre-2017 historical range.” Aggregate, average, and media settlements also declined in 2021 relative to prior years, according to the report. The report can be found 
According to the latest annual report from ISS Securities Class Action Services, there were two securities class action settlements in 2021 that were large enough to make the firm’s list of the Top 100 U.S. Securities Class Action settlements. These two settlements took place in a year in which there were a total of 116 approved monetary securities class action settlements totaling $3.51 billion. The details of the settlements included the two largest during 2021 can be found in the ISS SCAS report entitled “The Top 100 U.S. Class Action Settlements of All-Time,” 
As reflected in their January 18, 2022 stipulation of settlement, the parties to the consolidated Teva Pharmaceutical Industries securities class action litigation have reached an agreement to settle the case for a payment of $420 million. The settled claims relate to underlying allegations concerning price-fixing in connection with the company’s generic drug products. According to the statements of a company spokesperson, the “vast majority” of the settlement amount will be funded by the company’s D&O insurers. The settlement is subject to court approval. A copy of the parties’ January 18, 2022 stipulation of settlement can be found 
As I have noted on this site (most recently