Month: October 2021

Meredith Defeats Securities Class Action in Eighth Circuit

Cooley litigators secured a victory in the US Court of Appeals for the Eighth Circuit for long-time client Meredith Corporation and four of its senior executives in a securities class action filed by a group of investors over projections about its integration of Time Inc. The cross-department and cross-practice team […]

Cooley Secures Complete Dismissal of Securities Enforcement Action for Accelerated Assets

Cooley litigators secured a win on behalf of Accelerated Assets, an investment firm that is focused on the acquisition, development, sale and financing of timeshare assets, and two other entities, SS Purchco and Pahrump Valley Real Estate, obtaining a complete dismissal of all claims against the companies in the San […]

SEC Enforcement Director Sets Aggressive Tone

Gurbir Grewal, the recently-appointed Director of the Securities and Exchange Commission’s Division of Enforcement, comes from a law enforcement background.  Before joining the SEC, he served as New Jersey Attorney General, where he presided over cases against prominent companies alleging violations of state environmental law.  Before that, he served as […]

Pleading Bad Faith Against Special Committee Members: A New Trend?

Special committees, by design, are created to address conflicts and to insulate the board of directors from liability for the very conflicts that may invite judicial scrutiny of the fairness of the board’s decision. A well-functioning special committee will also mitigate the risk of personal liability for a company’s fiduciaries, […]

DOJ Increases Efforts to Combat Cyber Breaches by Targeting Government Contractors

The US Department of Justice is increasing its arsenal to pursue cyber-related fraud by government contractors and grant recipients. The program, called the “Civil Cyber-Fraud Initiative,” was announced by Deputy Attorney General Lisa Monaco on Wednesday. The initiative – along with other recent steps taken by the federal government – […]

Ninth Circuit Rejects ‘Direct Listing’ Carve-Out from Securities Act Liability

On September 20, 2021, the United States Court of Appeals for the Ninth Circuit issued its much anticipated decision in Pirani v. Slack Technologies, Inc., which raised the novel question (a question of first impression, according to the panel) of whether shareholders lack standing to sue under Sections 11 and […]

Cooley Secures Dismissal of Securities Class Action for Overstock

Cooley litigators locked in a win on behalf Overstock, a company that provides online retail, securing a dismissal on behalf of the company and two of its executives in a securities class action in the US District Court for the District of Utah. Cooley lawyers Christopher Vail, Heather Speers, Jeff […]

Cooley Secures Complete Dismissal of Securities Class Action for Stitch Fix

Cooley litigators scored a win on behalf of Stitch Fix, a company that provides online personal styling services, obtaining a complete dismissal of a putative class action alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Cooley lawyers Patrick Gibbs, Jessica Valenzuela Santamaria, Claire A. […]