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April 03, 2009 |

Attorneys Drop Fees in Shareholder Case Alleging Backdating

The plaintiffs' lawyers in a shareholder derivative suit involving allegations of stock-options backdating against Cirrus Logic Inc. have agreed, in a revised deal filed this month, to drop all attorneys' fees, which the judge in the case had described as "almost entirely unmerited."
3 minute read
September 01, 2010 |

BofA Shareholders' Key Claims in Merger Disclosure Class Action Can Go Forward, Judge Rules

A federal judge has green-lighted key claims by Bank of America shareholders in a securities class action and companion derivative suit over the bank's merger with Merrill Lynch. The judge found that the class action complaint adequately pleads that Bank of America did not make sufficient disclosures about the existence of a controversial $5.8 billion bonus pool to be used to pay Merrill employees before the merger, and that the companies' former CEOs acted with scienter in hiding the bonus pool from BofA shareholders.
4 minute read
November 01, 2009 |

Developments: Crash Landing?

Shareholders start to challenge executive pay packages.
3 minute read
August 12, 2010 |

3rd Circuit Won't Revive Aetna Securities Fraud Suit

A securities fraud suit against insurance giant Aetna fell flat on Wednesday when a federal appeals court refused to revive claims by investors who said the company made false statements about its "disciplined" pricing strategies that were designed to drive up the stock price so that three top executives could cash in and sell $61 million in stock. The 3rd Circuit concluded that all of the allegedly misleading statements were protected by the "safe harbor" in securities law.
5 minute read
October 07, 2010 |

J&J Investors' Class Action Suit Filed in Wake of Company's 'Phantom Recall'

A Johnson & Johnson investor has lodged a putative class action against the pharmaceutical giant, alleging it defrauded stockholders by attempting to cover up shoddy manufacturing and business practices -- including a covert recall of substandard products. According to the complaint, J&J and its subsidiary, McNeil Consumer Healthcare, secretly contracted other parties to do a quiet store-by-store buyback of Motrin products in which defects had been discovered, rather than contact the Food and Drug Administration.
5 minute read
March 17, 2011 |

Fewer Securities Cases Settled Last Year, Survey Reports

The number of securities class action settlements plummeted to 86 last year, its lowest level in a decade, according to a new report issued by Cornerstone Research. The total settlement value also declined by about 18 percent to $3.1 billion in 2010 from $3.8 billion in 2009.
4 minute read
March 30, 2009 |

Attorneys in shareholder case drop fees

The plaintiffs' lawyers in a shareholder derivative lawsuit involving allegations of stock-options backdating against Cirrus Logic Inc. have agreed, in a revised deal filed this month, to drop all attorney fees, which the judge in the case had described as "almost entirely unmerited." The revised deal, which was approved on March 25, comes as judges in derivative actions involving the backdating of stock options have questioned the amount of attorney fees in cases involving noncash settlements.
3 minute read
June 08, 2007 |

Pennsylvania Sees an Increase In Legal Work for Israeli Cos.

A number of Pennsylvania firms have been ramping up their efforts recently to service Israeli clients that have business opportunities in the United States.
5 minute read
January 27, 2011 |

Investors' Lawsuit Proceeds in Aftermath of Bear Stearns Collapse

A federal judge in Manhattan has given the go-ahead to proceed for one of the largest securities class action suits filed by investors in the wake of the credit crisis. In a 398-page opinion made public Friday, Southern District Judge Robert Sweet denied motions to dismiss the action against Bear Stearns, its outside auditor Deloitte & Touche, and seven individual defendants.
3 minute read

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