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The New Phase of Credit Crisis Litigation

The credit crisis recently entered a dark new phase, and this new darker phase has also already produced its own distinctive round of lawsuits. Like the ominous economic circumstances, the new litigation phase also seems darker and more threatening.   In the latest issue of InSights (here) — entitled "Has the Credit Crisis Litigation Wave … Continue Reading

Why SOX Whistleblowers Lose

In prior posts (here and here) I have questioned whether SOX whistleblower protection is "more theoretical than real." A forthcoming study by Richard Moberly of University of Nebraska Law School entitled "Unfulfilled Expectations: An Empirical Analysis of Why Sarbanes-Oxley Whistleblowers Rarely Win" (here) takes a look at just how poorly employee whistleblowers have fared under … Continue Reading

Is SOX Discouraging Employee Whistleblowing?

In a prior post (here), I raised the question whether the whistleblower protection under Section 806 of the Sarbanes-Oxley Act is "more theoretical than real." A February 2007 study by Alexander Dyck of the University of Toronto, Adair Morse of the University of Michigan Business School, and Luigi Zingales of the University of Chicago entitled … Continue Reading

The Weak Case for Regulatory Reform Gets Even Weaker

At the heart of recent calls for regulatory reform in the Interim Report of the Committee on Capital Markets Regulation and in the Bloomberg/Schumer Report is the assertion that the U.S. securities markets are losing global IPO marketshare because of supposed regulatory overkill and the litigious environment in the U.S. Accompanying this assertion is the … Continue Reading

Opt-Outs, Claims Severity and D & O Insurance Limits

In the latest of the securities class action opt out settlements, California’s teacher pension fund reached a $46.5 million settlement in its separate case against Qwest Communications, its accountants and investment banks, and certain former directors and officers. According to news reports (here), the parties resolved the pension fund’s case, which was pending in the … Continue Reading

Foreign Bribery Investigations and Possible U.S.-Based Securities Exposure

The growing bribery scandal at Siemens has made the front pages of the world’s financial papers in recent days. For example, on January 31, 2007, the Wall Street Journal (here, subscription required) ran an article entitled "At Siemens, Witnesses Cite Pattern of Bribery." In its February 1, 2007 SEC filing on Form 6-K (here), Siemens, … Continue Reading

A Closer Look at the 2006 Securities Fraud Lawsuits

As The D & O Diary has previously noted (here and here), earlier this month the National Economic Research Associates (NERA) and Cornerstone Research (in conjunction with the Stanford Law School Securities Class Action Clearinghouse) released their respective studies of the 2006 securities class action lawsuit filings. The NERA study can be found here and … Continue Reading

Revised Options Backdating Litigation Count

Regular D & O Diary readers know that I have been maintaining a running tally of options backdating related litigation (here). According to the most recent count, so far there have been 23 securities class action lawsuits raising allegations of options grant manipulations. (The Stanford Law School Securities Class Action Clearinghouse maintains its own tally … Continue Reading