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Tag Archives: Securities

Novel issues not certified for interlocutory appeal (access required)

Although a prior order in a securities class action resolved issues of first impression, they were not “controlling” and thus not certified for immediate interlocutory appeal. Background By order dated Feb. 25, 2020, the court denied the motion to certify ...

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Trustee’s lack of due diligence caused stock overpayment (access required)

A trustee’s unjustified reliance on a stock valuation and its failure to conduct sufficient due diligence resulted in an Employee Stock Ownership Plan paying well over fair market value to purchase shares in the company that were owned by the ...

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Claims accrued when plaintiffs signed incorrect annuity contract (access required)

Where plaintiffs intended to enter into an annuity contract that would provide benefits to both spouses but instead, relying on the investment advice of a registered securities representative for the defendant, entered into a single annuity contract that did not ...

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Allegations don’t establish intent to deceive (access required)

Various statements by a contractor related to its performance on a contract (estimated to be worth over $100 million) were optimistic or maybe even false, but the plaintiff’s allegations did not sufficiently allege executives’ scienter, i.e. a motive to deceive ...

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EDVA: Company could be liable for employee fraud (access required)

Although the Plaintiffs did not state a § 10(b) claim against any individual corporate officers, false statements by a company’s lower-level employees could be attributed to the company itself if employees made those statements with the intent to provide false ...

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4th Cir.: Medical reimbursement scheme was material omission (access required)

Investors’ complaint against a medical device company sufficiently alleged violations of § 10(b) of the Securities Exchange Act, claiming that the company’s officers knowingly misrepresented material facts constituting a fraud on the market. Background Appellee TranS1 received approval in 2004 ...

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Consolidated Securities Fraud Action – Appointment of Lead Plaintiff – Conflict of Interest (access required)

Alexander Rice, Individually and on behalf of all other similarly situated, et al., v. Genworth Financial Incorporated, et al. (VLW 017-3-428, 36pp.) (Robert E. Payne, S.J.) 3:17cv59; E.D. Va. Two motions in a consolidated securities fraud action seek appointment as ...

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