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'April Fool's Joke Gone Wrong'?: Judge Dismisses Securities Suit Over VW's 'Voltswagen' Campaign—For Now

"Merely alleging a daily monitoring function and the participation in the preparation of public statements does not allow this Court to infer that Volkswagen AG 'collaborated with the authors to such an extent that they controlled the [press release's] publication,'" Alston wrote, citing the Second Circuit's 2022 holding in Noto v. 22nd Century Grp. Inc. "In other words, the Amended complaint does not sufficiently allege that Individual Defendants and VWGoA more broadly 'lacked final control over the [press release's] contents or did not make the ultimate decision as to what specific information to include.
6 minute read

New York Law Journal

Why Are Securities Class Action Mediations Different?

One reason for this difference is that securities cases often have very large amounts of money at stake (hundreds of millions or even billions of dollars are commonly claimed).
8 minute read

The Recorder

Will 'Deeper Problems' Emerge? Attorneys Forecast Litigation Against Silicon Valley Bank

Attorneys expect to see more litigation soon from investors and depositors claiming failures in disclosures, internal controls and corporate governance.
7 minute read

Corporate Counsel

SEC Spanks Blackbaud Over Lapses in Reporting Ransomware Attack

The cloud computing company will pay $3 million to resolve the probe, the latest evidence of the SEC's push to make companies report incidents faster and more accurately.
5 minute read

New York Law Journal

Banks in the Coal Mine: Signature, Silvergate and Other Signs of Recession-Era Fraud—And What Investors Can Do About It 

A recession seems all but certain, as the Fed is still expected to push interest rates higher by a 0.25 percentage point later this March, despite the recent run on the banks.
7 minute read

New York Law Journal

'Slack Technologies' and the Future of Section 11

On April 17, the Supreme Court is set to hear argument in Slack Technologies v. Pirani, a case which seemingly deals with a technical issue of standing under Section 11 of the Securities Act of 1933, but which could render that provision largely irrelevant. In his Corporate Securities column, Professor John Coffee discusses both the implications of Slack and the predictable attempts by issuers and underwriters to downsize Section 11 further by manipulating its tracing requirements.
12 minute read

New York Law Journal

Accrual Principles for Breach of Fiduciary Duty in Delaware

In a recent decision by Vice Chancellor J. Travis Laster of the Delaware Court of Chancery, the former is called the "Red-Flags Theory" of liability, as set forth in In re Caremark International Derivative Litigation, 698 A.2d 959 (Del. Ch. 1996), while the latter is called the "Massey Theory" of In re Massey Energy, 2011 WL 2176479 (Del. Ch. May 31, 2011
7 minute read

New York Law Journal

Rule 10b-5 Liability, Part 1: The Supreme Court and 'Janus'

The author's goal of his three-part series is to ultimately discuss the Second Circuit's recent Securities law landmark case, S.E.C. v. Rio Tinto. However, in order to discuss Rio Tinto, he believes it is important to first understand the Supreme Court landmark cases upon which Rio Tinto is based: Janus Capital Group, Inc. v. First Derivative Trader and S.E.C v. Lorenzo. Janus is discussed here in the first installment.
9 minute read

New York Law Journal

Settling Class Action, AllianzGI Agrees to Pay $145 Million to Harmed Investors

New York Supreme Court Justice Andrew Borrok approved the $145 million settlement.
2 minute read

Delaware Business Court Insider

Aerojet's Proposed $4.7B Acquisition of Tech Company Draws Litigation

This suit was surfaced by Law.com Radar. Read the complaint here.
1 minute read

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