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 ...

Tagged with: Judge Anthony J. Trenga Securities U.S. District Court - Eastern District

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 ...

Tagged with: Business Law Corporate Employment Judge T.S. Ellis III Securities Tort U.S. District Court - Eastern District

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 ...

Tagged with: 4th U.S. Circuit Court of Appeals Business Law Health Care Judge Robert B. King Securities

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 ...

Tagged with: Judge Robert E. Payne Securities U.S. District Court - Eastern District

A district court did not err in dismiss­ing on jurisdictional grounds plaintiff financial services firm’s challenge to the constitutionality of an administrative enforcement proceeding the Securities and Exchange Commission brought against her; the 4th Circuit joins the 2nd, 7th, 11th ...

Tagged with: 4th U.S. Circuit Court of Appeals Judge Allyson K. Duncan Securities

In this securities fraud class action, the Alexandria U.S. District Court will not exempt an institutional investor with the largest loss from the Private Securities Litigation Reform Act’s requirement that a securities fraud plaintiff may serve as lead plaintiff in ...

Tagged with: Judge T.S. Ellis III Securities U.S. District Court - Eastern District

This was a securities class action on behalf of all persons who purchased or otherwise acquired the publicly traded securities of Star Scientific Inc. between Oct. 31, 2011, and March 18, 2013, against Star Scientific and certain of its officers ...

Tagged with: Federal Courts Judge John A. Gibney Jr. Million-Dollar Settlements Securities

Plaintiff class of investors who allege defendant Genworth Financial repeatedly reassured investors that the company had adequate reserves for its primary product, long-term care insurance, but saw Genworth stock drop by 55 percent after the company revealed on Nov. 5, ...

Tagged with: Judge James R. Spencer Securities U.S. District Court - Eastern District

An investor in a real estate investment trust who alleges defendant managers, directors and advisors of the REIT set the price for its dividend-reinvestment program shares at an artificially high rate of $11 per share, has failed to state claims ...

Tagged with: Judge John A. Gibney Jr. Securities U.S. District Court - Eastern District

Institutional investors in Neustar stock have failed to state securities fraud claims based on Neustar’s statements in press releases and in an investor conference call about Neustar’s chances of winning renewal of a lucrative government contract for a central data ...

Tagged with: Judge James C. Cacheris Securities U.S. District Court - Eastern District