It is extremely rare for securities class action lawsuits to go all the way through to a jury verdict. Since 1996, there have been more than 5,200 securities class action lawsuits filed, but, as detailed further below, fewer than 25 cases during that time have gone to trial. However, on February 4, 2019, a jury in the Central District of California entered a verdict in the securities class action lawsuit pending against Puma Biotechnology and certain of its directors and officers. While the jury found that the plaintiffs had not proven that three of the four allegedly misleading statements at issue were “false and misleading,” the jury found against the defendants and for the plaintiff as to a fourth statement. The jury specified damages of $4.50 a share with respect to the one misleading statement, which, according to the plaintiff’s counsel’s press release, amounts to a damages award of “up to $100 million,” although the actual damages amount remains to be calculated based on trading during the class period. 
Continue Reading Rare Securities Class Action Lawsuit Trial Results in Partial Verdict for Plaintiffs

On March 7, 2011, in the latest development in a long-running securities suit that is among the few securities class action lawsuits to go to trial and that had previously resulted in a $277.5 verdict in plaintiffs’ favor, the U.S. Supreme Court denied Apollo Group’s petition for writ of certiorari. As a result, the

In the first securities class action jury verdict to arise out the credit crisis, on Thursday November 18, 2010, the jury in the BankAtlantic securities lawsuit in federal court in Miami returned a verdict in the plaintiffs’ favor, finding seven of the statements at issue to have been false, and awarding damages of $2.41 per