Category: Securities fraud
Oklahoma Firefighters Pension & Retirement Systems v. Six Flags:
Fifth Circuit Opinion Reviving Securities Class Action Creates Tension with Other Circuits on Key Issues
Introduction On January 18, 2023, the Fifth Circuit unanimously reversed the Northern District of Texas’s dismissal of a securities class action contending that Six Flags and two of its executives misled investors by projecting impossible timelines for opening new theme parks in China, which were anticipated to be highly profitable. […]
Ninth Circuit Affirms Win For Stitch Fix in Securities Class Action
Cooley litigators scored an important win on behalf of Stitch Fix, a company that provides online personal styling services, before the US Court of Appeals for the Ninth Circuit. The win affirmed the 2021 dismissal of a putative class action alleging violations of the Securities Exchange Act of 1934. Lawyers Patrick […]
In re Nektar Therapeutics: Ninth Circuit Affirms Dismissal of Securities Class Action Arising from Failure of Clinical Drug Trial
Summary On May 19, 2022, a panel of the Ninth Circuit unanimously affirmed the district court’s dismissal of a putative securities fraud class action accusing Nektar Therapeutics and several of its executives of misleading investors about the results of a clinical drug trial. The court held that even if Nektar […]
Ninth Circuit Affirms Dismissal of Securities Class Action Against Qualcomm
Cooley litigators secured a win on behalf of Qualcomm, a San Diego based technology company that specializes in semiconductors, in a securities class action filed in the United States District Court for the Southern District of California. The cross-functional team for the Ninth Circuit appeal brought together members of Cooley’s […]
Cooley Secures Dismissal of Securities Class Action for Fastly
Cooley litigators locked in a win on behalf of Fastly, a cloud platform that processes data for thousands of companies around the world, its CEO, and former CFO, in a securities class action filed in the United States District Court for the Northern District of California. The diverse Cooley team, […]
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 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. […]
Plumbers & Steamfitters Local v. Danske Bank: Second Circuit Affirms Dismissal of Securities Class Action Arising from Money Laundering at Estonian Branch of Denmark Bank
Summary On August 25, 2021, the Second Circuit unanimously affirmed the lower court’s dismissal of a securities class action accusing Danske Bank and several of its former executives of downplaying a money-laundering scandal at Danske’s Estonian Branch. The court held that while the Estonian Branch’s failure to follow anti-money laundering […]
Can Hypothetical Risk Factors Be Misleading?
In In re Alphabet Securities Litigation, the State of Rhode Island, as lead plaintiff, filed a Rule10b-5 action against Google LLC, its holding company Alphabet, Inc., and certain executives, alleging that the defendants failed to timely disclose certain cybersecurity defects and vulnerabilities. The district court granted defendants’ motion to dismiss the […]