Where a company offered no quantitative metrics, qualitative comparisons or other specifics to bolster its claims of “competency” and “flexibility,” those boasts reflected the natural role that puffery can play in contract formation and did not support a claim for ...

Tagged with: 4th U.S. Circuit Court of Appeals Judge J. Harvie Wilkinson III Securities

Where a partner in a Richmond real estate development allegedly engaged in multiple acts of bank fraud, money laundering and fraud, individually or through his controlled entities, that plausibly establish a “pattern of racketeering activity.” As such, his motion to ...

Tagged with: Judge David J. Novak Securities U.S. District Court - Eastern District

Where a shareholder alleged a company CEO made misrepresentations, false statements and omissions in order to procure a merger with another company, its claims under § 10(b) and Rule 10b-5 of the Securities Exchange Act, under § 12(2) of the ...

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

Where a customer who suffered the most financial losses as a result of allegedly false and misleading securities statements moved to be appointed as lead plaintiff, his motion was granted. Although some of his losses were as a result of ...

Tagged with: Judge Rossie D. Alston Jr. Securities U.S. District Court - Eastern District

Type of action: FINRA securities action/unsuitable investment/churning Injuries alleged: Economic losses of approximately $400,000 Name of case: Haley v. WestPark Capital Court: Financial Industry Regulatory Authority (FINRA) Case no.: 20-00320 Tried before: FINRA arbitration panel Name of judge or mediator: ...

Tagged with: Arbitration Securities Verdict

Where shareholders alleged they purchased shares of a technology company at inflated prices because corporate officers made materially misleading statements about the company’s financial health, their suit was dismissed because there was insufficient evidence of scienter. Background Plaintiffs appeal the ...

Tagged with: 4th U.S. Circuit Court of Appeals Judge James A. Wynn Jr. Securities

Where investors alleged JUUL and Altria engaged in a scheme to allow the continued marketing of e-cigarettes to minors while publicly denying JUUL’s intention of targeting youths in an effort to avoid further litigation or regulation that could curb its ...

Tagged with: Judge David J. Novak Securities U.S. District Court - Eastern District

Where a company that provided mezzanine financing made poor investment choices in 2014 and 2015, plaintiffs failed to show its contemporaneous statements were made with the required scienter and their securities fraud class action was dismissed. Background LifeWise Family Financial ...

Tagged with: 4th U.S. Circuit Court of Appeals Judge G. Steven Agee Securities

Allegations that a doorskin manufacturer made representations about its pricing strategy, without disclosing its anticompetitive conduct that led to those continuing revenues, were sufficient to state a claim for violations of the securities laws. Background In this putative class action, ...

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

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 ...

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