Archive for the ‘securities fraud class action’ Category
Securities fraud class actions describe all class actions brought under the federal securities laws, particularly the Securities Act of 1933 and the Securities Exchange Act of 1934. In rare circumstances there may be a securities class action under state law, but generally such cases are foreclosed by the securities litigation uniform standards act (SLUSA) which forbids class actions under state law with respect to covered securities. At the current time there is a split of authority regarding whether class actions alleging violations of sections 11 and 12 of the Securities Act of 1933 can be brought in state court. Individual actions under these statutes can be brought in state court because the Securities Act gives concurrent jurisdiction to state courts; however most jurisdictions hold that class actions under those same provisions are barred by either SLUSA or the Class Action Fairness Act (CAFA).
securities fraud class action sub categories : filings, lead plaintiff and settlement
Class certification upheld in Amgen securities fraud class action
A panel of appellate judges on the 9th Circuit Court of Appeals unanimously upheld a class certification order holding that a securities fraud lawsuit against Amgen could be maintained as a class action. To obtain class certification in a 10b-5 securities fraud case, the plaintiff, as required by Federal Rule of Civil Procedure 23(b)(3), must convince the [...]
The St. Joe Companies (JOE) investors file derivative suit; is class action next?
A new front has been opened in the ongoing saga of St. Joe Companies (NYSE: JOE): a derivative suit filed by outside investors. St. Joe is currently in a tug of war between hedge funds. The bears accuse it of fraud, failing to mark down land as its value deteriorated. The bulls tout it as [...]
GT Solar (NYSE:GT) settles securities fraud class action
NYSE-traded solar energy company GT Solar (GT) announced a settlement of a securities fraud class action lawsuit alleging that it failed to disclose the probability of losing its major customer in the risk disclosures given to investors at the time of GT’s initial public offering. The suit alleged that the Merrimack company – which specializes [...]