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Longtop CFO Loses Bid to Dodge Securities Class Action
Publication Date: 2012-07-02
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Longtop Financial Technologies, the Chinese company whose fortunes were upended last year by a billion-dollar accounting scandal, has yet to file an appearance in federal multidistrict litigation accusing it of massive securities fraud. After reading the most recent opinion in the case, we can understand why Longtop might be avoiding U.S. courts.

January 03, 2000 |

Are Milberg Weiss' Glory Days Over?

After losing a bid to act as lead counsel in the $3 billion McKesson securities fraud litigation, Milberg Weiss suffers another blow - this time, the loss of key rainmaker Alan Schulman to a competitor. Schulman, viewed by many as second only to William Lerach as the most influential West Coast securities plaintiffs lawyer, attributes his departure to "philosophical differences with Bill Lerach over the direction of the firm."
5 minute read
June 14, 2010 |

Toyota litigation hits roadblocks

Shareholder lawsuits against Toyota Motor Corp. face several obstacles. A judge has questioned why several motions for lead counsel status were filed on behalf of large groups of investors rather than individual investors. And foreign investors face a potentially adverse Supreme Court ruling.
7 minute read
March 29, 2007 |

Backdating Plaintiffs Win Early Rounds

Recent rulings have carved out a victorious first round for civil plaintiffs in stock-options backdating cases after judges refused to dismiss four of their suits. At issue in most of the cases was whether plaintiff shareholders should have demanded books and records from the companies' boards of directors before filing their lawsuits. Some of the plaintiffs successfully pleaded "demand futility" by showing that directors were not objective or that their acts were not of sound "business judgment."
3 minute read

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