• Keystone Assoc. LLC v. Fulton

    Publication Date: 2020-07-08
    Practice Area: Securities Litigation
    Industry:
    Court: U.S. District Court of Delaware
    Judge: District Judge Noreika
    Attorneys: For plaintiff: Timothy R. Dudderar and Jonathan A. Choa, Potter Anderson & Corroon LLP, Wilmington, DE; David J. Jordan and Michael R. Menssen, Stoel Rives LLP, Salt Lake City, UT for plaintiffs.
    for defendant: Robert J. Katzenstein, Smith, Katzenstein & Jenkins LLP, Wilmington, DE; Steven S. Scholes and Peter B. Allport, McDermott Will & Emery LLP, Chicago, IL; John R. Gerstein, Clyde & Co. US LLP for defendants.

    Case Number: D69044

    Plaintiffs failed to adequately allege a misrepresentation or omission by defendants, so the court dismissed all claims for securities violations.

  • In re: Keryx Biopharmaceuticals, Inc.

    Publication Date: 2020-04-29
    Practice Area: Securities Litigation
    Industry: Biotechnology | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Connolly
    Attorneys: For plaintiff: Ryan M. Ernst, O’Kelly Ernst & Joyce, LLC, Wilmington, DE; Alexandra B. Raymond, Bragar Eagel & Squire, P.C., New York, NY; Richard A. Acocelli, Michael A. Rogovin and Kelly K. Moran, Weiss Law LLP, New York, NY for plaintiffs.
    for defendant: David E. Ross, Ross, Aronstam & Moritz LLP, Wilmington, DE; Peter L. Welsh and Christian Reigstad, Ropes & Gray LLP, New York, NY for defendants.

    Case Number: D68962

    A proxy statement contained a disclaimer about certain financial projections, so the court dismissed plaintiffs' claims for viola-tions of securities law.

  • CHC Inv., LLC v. FirstSun Capital Bancorp

    Publication Date: 2020-04-08
    Practice Area: Securities Litigation
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: John G. Day, Prickett, Jones & Elliott, P.A., Wilmington, DE; Michael C. Manning, Jeffrey J. Goulder, Stefan M. Palys, and Christy M. Milliken, Stinson Leonard Street LLP, Phoenix, AZ for plaintiff.
    for defendant: Jon E. Abramczyk, William M. Lafferty, and Sabrina M. Hendershot, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Lawrence Portnoy, Julia Kiechel, M. Nicholas Sage, and Caroline Stern, Davis Polk & Wardwell LLP, New York, NY for defendants.

    Case Number: D68934

    Securities fraud claim dismissed pursuant to the statute of limitations, where court applied Delaware's shorter limitations period, where plaintiff was not forced to file in Delaware pursuant to an agreed-upon forum selection clause.

  • Salzberg v. Sciabacucchi

    Publication Date: 2020-04-01
    Practice Area: Securities Litigation
    Industry: E-Commerce
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: Jason M. Leviton, Joel A. Fleming, Lauren Godles Milgroom and Amanda R. Crawford, Block & Leviton LLP, Boston, MA for plaintiff.
    for defendant: William B. Chandler, III, Bradley D. Sorrels, Lindsay Kwoka Faccenda, Andrew D. Berni, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Boris Feldman and David J. Berger. Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, CA for defend-ants Lake, Anderson, Gurley, Hansen, McCollam, Wood, Ahuja, Carolan, Hastings, Hendricks, Hunt, Leff, Rothrock, Stitch Fix, Inc and Roku, Inc. Catherine G. Dearlove, Anthony M. Calvano and Tyre Tindall, Richards Layton & Finger, P.A., Wil-mington, DE; Michael T. Bongiorno, Wilmer Cutler Pickering Hale & Dorr, LLP, New York, NY; Timothy J. Perla, Wilmer Cutler Pickering Hale & Dorr, LLP, Boston, MA for defendants Salzberg, Bradley, Cool, Fox, Goodman, Hirshberg, Kelley and Blue Apron Holdings, Inc. Kurt M. Heyman, Melissa N. Donimirski and Aaron M. Nelson, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE.

    Case Number: Valihura

    Federal forum provisions contained in corporate charters that required actions arising under federal securities law to be filed in a federal court were facially valid. Reversed.

  • Keystone Assoc. LLC v. Barclays Bank PLC

    Publication Date: 2020-01-29
    Practice Area: Securities Litigation
    Industry: Financial Services and Banking | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Noreika
    Attorneys: For plaintiff: Timothy R. Dudderar and Jonathan A. Choa, Potter Anderson & Corroon LLP, Wilmington, DE; David J. Jordan and Michael R. Menssen, Stoel Rives LLP, Salt Lake City, UT for plaintiff.
    for defendant: Robert S. Saunders and Jeffrey Geier, Skadden, Arps, Slate, Meagher & Flom, LLP, Wilmington, DE and New York, NY for defendant.

    Case Number: D68858

    Plaintiffs failed to satisfy the heightened pleading standard with respect to their fraud and securities claims, and they did not allege a fiduciary relationship in connection with the negligent representation claim.

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  • Wayne County Employees' Ret. Sys. v. Mavenir, Inc.

    Publication Date: 2019-08-21
    Practice Area: Class Actions | Securities Litigation
    Industry: Legal Services | State and Local Government | Technology Media and Telecom
    Court: U.S. District Court of Delaware
    Judge: District Judge Fallon
    Attorneys: For plaintiff:
    for defendant:

    Case Number: D67672

    The court granted an order appointing the lead plaintiff in this class action suit and approving the plaintiff's choice of counsel, despite defendants' objections due to a conflict of interest involving the law firm that filed the complaint.

  • Keystone Assocs. LLC v. Fulton

    Publication Date: 2019-08-21
    Practice Area: Securities Litigation
    Industry: Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Noreika
    Attorneys: For plaintiff: Timothy R. Dudderar and Jonathan A. Choa, Potter Anderson & Corroon LLP, Wilmington, DE; David J. Jordan and Michael R. Menssen, Stoel Rivers LLP, Salt Lake City, UT for plaintiffs.
    for defendant: Robert J. Katzenstein, Smith Katzenstein & Jenkins LLP, Wilmington, DE; Steven S. Scholes and Peter B. Allport, McDermott Will & Emery LLP, Chicago, IL; John R. Gerstein, Clyde & Co. US LLP, Washington, DC for defendants.

    Case Number: D67677

    Securities fraud claim dismissed where there was no express assignment of a securities fraud claim to confer standing and where the complaint expressly alleged that investment was based on a statement that was not a false representation.

  • AG Oncon, LLC v. Ligand Pharm. Inc.

    Publication Date: 2019-06-05
    Practice Area: Securities Litigation
    Industry: Investments and Investment Advisory | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Elena C. Norman and Daniel M. Kirshenbaum, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Keith N. Sambur, Martin G. Durkin, and Andrew T. Gillespie, Holland & Knight, LLP, New York, NY for plaintiffs
    for defendant: David E. Ross, Jr. and R. Garrett Rice, Ross Aronstam & Moritz LLP, Wilmington, DE; Blair Connelly and Zachary L. Rowen, Latham & Watkins LLP, New York, NY for defendant.

    Case Number: D68582

    Convertible note issuer could amend indenture's conversion formula where indenture expressly authorized issuer to conform to the terms of the offering memorandum.

  • Duncan v. Vantage Corp.

    Publication Date: 2019-04-17
    Practice Area: Securities Litigation
    Industry: Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Noreika
    Attorneys: For plaintiff: Catherine A. Gaul and Aaron P. Sayers, Ashby & Geddes, Wilmington, DE; Raymond L. Moss and Michael P. Gilmore, Moss & Gilmore LLP for plaintiff.
    for defendant: Philip A. Rovner and Jonathan A. Choa, Potter Anderson & Corroon LLP, Wilmington, DE; J. Allen Maines, Gregory J. Digel and Caroline Johnson Tanner, Holland & Knight LLP, Atlanta, GA for defendants Askew and Finegold.

    Case Number: D68530

    The court proceeded to consider a motion to dismiss as to individual defendants, even though the corporate defendants filed for bankruptcy.

  • Heritage Handoff Holdings, LLC v. Fontanella

    Publication Date: 2019-03-20
    Practice Area: Business Torts | Securities Litigation
    Industry: Automotive | Manufacturing
    Court: U.S. District Court of Delaware
    Judge: District Judge Andrews
    Attorneys: For plaintiff: John A. Sensing, Potter Anderson & Corroon LLP, Wilmington, DE; Dylan P. Kletter and Kelsey D. Bond, Brown Rudnick LLP, Hartford, CT for plaintiff.
    for defendant: Dominick T. Gattuso and Aaron M. Nelson, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Marc J. Kurzman; Peter M. Nolin and Damian K. Gunningsmith, Carmody Torrance Sandak & Hennessey LLP, Stamford, CT and New Haven, CT for defendant.

    Case Number: D68501

    Purchaser was entitled to recover on its securities fraud claim based on evidence of misrepresentations and omissions, but its common law fraud claim was precluded by the bootstrapping doctrine.