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New York Law Journal

Context Matters: 'Omnicare' Revisited

Israel David and Samuel P. Groner of Fried, Frank, Harris, Shriver & Jacobson examine how courts in the Second Circuit, in the year and half since 'Omnicare' was decided, have applied three considerations in determining whether in context an opinion statement is misleading. These cases suggest that courts are increasingly open to viewing statements that might have been misleading in a vacuum as not misleading when properly understood in context and therefore not susceptible to liability on an "omissions" theory.
20 minute read

The Legal Intelligencer

Second Circuit Relaxes Burden for Proving Price Impact, Loss Causation

On Sept. 27, the U.S. Court of Appeals for the Second Circuit affirmed the Southern District of New York's post-trial rulings in the long-pending securities class action, In re Vivendi Universal, S.A. Securities Litigation, 838 F.3d 223, 2016 U.S. App. LEXIS 17566 (2d Cir. 2016). After a three-month trial, a jury entered a verdict against Vivendi, finding that, during the Oct. 30, ­2000-Aug. 14, 2002, class period, the company made 57 material misstatements that artificially inflated its stock price in violation of Section 10(b) of the Securities Exchange Act of 1934 and the U.S. Securities and Exchange Commission Rule 10b-5.
12 minute read

New Jersey Law Journal

Enforcement Director Ceresney to Leave SEC

9 minute read

National Law Journal

SEC Enforcement Director Andrew Ceresney to Leave Agency

Andrew Ceresney, the U.S. Securities and Exchange Commission enforcement director, will leave the agency by the end of the year, the SEC said Thursday.
10 minute read

New York Law Journal

Stein v. 1-800-Flowers.Com, Inc.

By | December 08, 2016
Shareholder Not Shown Irreparably Harmed By Two of Proxy Statement's Proposals
3 minute read

New York Law Journal

Finocchiaro v. NQ Mobile, Inc.

By | December 07, 2016
Plaintiff Is Inadequate Class Representative; Emails Raised Risk of Animus to Defendants
3 minute read

The Recorder

Salman v. United States

By | December 06, 2016
10 minute read

Daily Business Review

Judge Orders $15K Penalty for Former Miami Budget Director

A federal judge ruled a former Miami city budget director should not have to pay nearly half a million dollars after a jury found him liable for securities law violations.
3 minute read

New Jersey Law Journal

Rejecting 'Newman,' SCOTUS Clears Up Rules for Insider-Trading Prosecutions

In a win for federal prosecutors, the U.S. Supreme Court on Tuesday embraced a broad interpretation of insider-trading rules that will allow the government to pursue cases even when it cannot be shown that the insider was trying to benefit from giving the tip.
5 minute read

Corporate Counsel

'Big Short' Investment Advisor Can't Bypass SEC Trial

An investment advisor's claim that the Securities and Exchange Commission improperly chose to pursue him in an in-house administrative proceeding rather than in federal court was dismissed Friday by the U.S. Court of Appeals for the Second Circuit.
7 minute read

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