After more than a year of lockdowns, social distancing, and sheer disruptions of life, we are all more than ready to be done with the coronavirus outbreak and to move on. Unfortunately, the virus is not done with us yet. In places like Brazil and India, COVID-19 continues to exact a grim toll. Just as I, like all of the rest of you, had assumed in the early stages of the outbreak that we would be done with the coronavirus by now, I also thought we would be done with coronavirus-related litigation by now as well. However like COVID-19 itself, coronavirus-related litigation continues on despite our expectations. As discussed below, in the past week, two more coronavirus-related securities class action lawsuits were filed, as the pandemic-related litigation phenomenon continues.
Continue Reading COVID-19 Securities Suits Continue to Accumulate

Electric vehicle battery company Romeo Power, which became a publicly traded company through a December 2020 merger with a SPAC, has been hit with a securities class action lawsuit following a share price decline after its announcement of a disruption in its supply chain. The new lawsuit is interesting both because of the SPAC angle and because it resulted from supply chain issues. The new lawsuit against Romeo Power was, in fact, one of two securities suits filed last week arising out of supply chain disruption. As discussed below, supply chain disruption could represent an emerging new area of corporate and securities litigation exposure. I also discuss below the fact that the new lawsuit involves yet another de-SPAC company in the electric vehicle industry
Continue Reading Tracking Two Emerging Securities Litigation Trends: SPACs and Supply Chain Disruption

One of the very first coronavirus-related securities class action lawsuits to be filed at the outset of the pandemic in the U.S was the securities suit filed against Norwegian Cruise Line Holdings. The Norwegian Cruise Line lawsuit is now the latest of the coronavirus-related securities suits to be dismissed. In an April 10, 2021 opinion with a number of interesting features discussed below, Southern District of Florida Judge Robert N. Scola, Jr. granted the company’s motion to dismiss with prejudice. A copy of Judge Scola’s opinion can be found here.
Continue Reading COVID-19-Related Securities Suit Against Norwegian Cruise Lines Dismissed

In the latest sign that coronavirus-related securities lawsuits are continuing to be filed, a plaintiff shareholder has filed a securities suit against a biotechnology company and two if its executives, alleging that the company drove up its share price by promoting its HIV-focused drug candidate as a treatment for COVID-19. Although the new complaint is similar in many respects to prior COVID-19-related securities lawsuits, it has several distinct features as well. A copy of the plaintiff’s complaint can be found here.
Continue Reading Biotech Company Hit with COVID-19-Related Securities Suit

It was over a year ago – March 11, 2020, to be exact – that the World Health Organization declared the COVID-19 outbreak to be a pandemic. And it was also over a year ago – March 12, 2020, in fact – that the first of the coronavirus outbreak-related securities class action lawsuits were filed. Since that time, more than two dozen other coronavirus-related securities suits have also been filed. But while the pandemic related litigation has been an interesting phenomenon, a year into the development there are some interesting questions about the litigation. Such as, for example, why hasn’t there been more securities litigation related to the pandemic? In this post, I take a look at the litigation (so far) and try to answer a few of the questions.
Continue Reading A Year of COVID-19-Related Securities Lawsuits

As the lawsuits have been coming in, we have been tracking the coronavirus outbreak-related litigation, with more than two dozen securities suits accounted for so far. But while the plaintiffs’ lawyers have proven willing to pursue pandemic-related securities suits, the track record so far for these kinds of suits has been decidedly mixed. In the latest sign of the mixed bag of results for plaintiffs’ lawyers on these kinds of suits, on February 25, 2021, the plaintiffs’ lawyers who initiated the coronavirus outbreak-related securities suit against Royal Caribbean Cruises entered a voluntary dismissal without prejudice with the court (here). As discussed below, this development may have significance for other potential cases as well as for cases that have already been filed.
Continue Reading Coronavirus-Related Securities Suit Against Royal Caribbean Voluntarily Dismissed

As I have detailed in a series of post on this blog (most recently here), over the last year plaintiffs’ lawyers have filed nearly 30 COVID-19-related securities class action lawsuits. While the plaintiffs’ lawyers’ have been quick to file these cases, it remains to be seen how the claims will fare. Indeed, in January, in the first case to reach initial pleading hurdles, the Court granted the defendants’ motion to dismiss (as discussed here). However, in a more recent ruling one of the first of the COVID-19-related securities suits to be filed, the Court has denied the defendants’ motion to dismiss in significant part. The February 16, 2021 opinion of Eastern District of Pennsylvania Judge Gerald J. Pappert in the securities lawsuit pending against Inovio Pharmaceuticals can be found here.
Continue Reading Dismissal Motion Largely Denied in COVID-19-Related Securities Suit Against Vaccine Company

It has been nearly a year since the coronavirus outbreak in the U.S. first led to widespread closures and disruptions. Throughout that time, plaintiffs’ lawyers have continued to file securities class actions and other claims against companies affected by the pandemic. On February 12, 2021, in the latest of these COVID-19-related securities lawsuits, a plaintiff shareholder filed a securities class action lawsuit against the biotechnology firm bluebird bio alleging that the company misrepresented the pandemic’s foreseeable impact on the company’s FDA application plans. A copy of the complaint can be found here.
Continue Reading Biotech Firm Hit With COVID-19-Related Securities Suit

In the latest sign that COVID-19 related securities litigation is on track to continue into 2021, a plaintiff shareholder has filed a securities class action lawsuit against Tyson Foods, Inc. relating to the company’s disclosures and actions in its facilities pertaining to the coronavirus outbreak. The plaintiff’s February 2, 2021 complaint can be found here. As noted below, I have some concerns about the complaint.
Continue Reading Tyson Foods Hit with COVID-19-Related Securities Suit

In what is the third coronavirus-related securities class action lawsuit filed so far in 2021, a plaintiff shareholder has filed a securities class action lawsuit against the U.K.-based biopharma firm AstraZeneca plc relating to the setbacks the company encountered late last year in connection with the company’s efforts to develop a COVID-19 vaccine. The complaint also relies heavily on the way that the company communicated to investors and the general public concerning anomalies in the vaccine’s interim clinical trial results. A copy of the January 26, 2021 complaint against the company can be found here.
Continue Reading AstraZeneca Hit with Securities Suit Over COVID-19 Vaccine Development Setbacks