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Access over workers' compensation decisions, including En Banc, Significant Panel Decisions, and writ-denied cases.

Case No. MISSING
Regular Panel Decision

Tobias Holdings, Inc. v. Bank United Corp.

Plaintiff has brought a federal securities fraud action alleging violations of section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5, along with state common law claims for fraud, breach of contract, conspiracy, and tortious interference, with federal jurisdiction over the state claims based on diversity of citizenship. Defendants moved to dismiss the Amended Complaint. The central legal question is whether the automatic stay of discovery provisions of the Private Securities Litigation Reform Act of 1995 (PSLRA), which applies to federal securities claims, also stays discovery for plaintiff's non-fraud state law claims when jurisdiction over such claims is based on diversity. The court, after examining statutory construction and legislative history, concludes that an unduly broad application of the PSLRA's automatic stay would penalize plaintiffs and encourage inefficient duplication of effort by forcing separate state court actions for common law claims. Therefore, the court held that the PSLRA cannot prohibit discovery on non-fraud common law claims arising under diversity jurisdiction, and discovery relating to these claims shall proceed forthwith.

Securities Litigation Reform ActDiscovery StayDiversity JurisdictionFederal Question JurisdictionState Law ClaimsSecurities FraudBreach of ContractTortious InterferenceStatutory InterpretationJudicial Efficiency
References
21
Case No. MISSING
Regular Panel Decision

In Re Cyberonics Inc. Securities Litigation

This consolidated case is a putative securities fraud class action against Cyberonics, Inc. The plaintiff, Cyberonics Investor Group (CIG), filed an amended complaint that expanded the class period and added new claims. Los Angeles County Employees Retirement Association (LACERA), a potential lead plaintiff, moved to intervene, compel CIG to republish notice of the lawsuit, and stay proceedings. LACERA argued that the expanded class and new claims necessitated republication under the PSLRA to ensure proper notification and allow the identification of the most appropriate lead plaintiff, given LACERA's significantly larger alleged losses. The court granted LACERA's motions to compel republication of notice and to stay the proceedings, agreeing that the amendments substantially expanded the potential class. However, LACERA's motion to intervene was denied with leave to reurge, and CIG's motion to sever the new claims was denied.

Securities FraudClass ActionPSLRAPrivate Securities Litigation Reform ActMotion to InterveneNotice RequirementAmended ComplaintClass PeriodLead PlaintiffStay of Proceedings
References
10
Case No. MISSING
Regular Panel Decision

In re SLM Corp. Securities Litigation

This Memorandum and Order addresses the appointment of a lead plaintiff in a securities class action against SLM Corporation. Initially, Westchester Capital Management, Inc. was appointed, but its Article III standing was questioned following a Second Circuit ruling in W.R. Huff Asset Mgmt. v. Deloitte & Touche LLP, which clarified that investment advisors without a valid assignment of claims lack standing. The court denied Westchester Capital's subsequent motion to approve a post-appointment assignment, reasoning it would not cure the initial lack of standing and presented unique legal issues for the class. Consequently, the court considered other movants for lead plaintiff, ultimately appointing SLM Venture, a joint venture with the largest financial interest, finding it satisfied the typicality and adequacy requirements under the PSLRA and Rule 23. Girard Gibbs & De Bartolomeo, LLP was approved as lead counsel for SLM Venture.

Securities Class ActionLead PlaintiffArticle III StandingInvestment AdvisorAssignment of ClaimsPSLRARule 23Typicality RequirementAdequacy RequirementSecond Circuit Law
References
18
Case No. 99 Civ. 0793(RCC)
Regular Panel Decision

Fezzani v. BEAR, STEARNS & COMPANY INC.

This Opinion & Order addresses motions to dismiss in a complex securities fraud case stemming from a "boiler room" scheme by A.R. Baron & Co., which defrauded customers of millions. Plaintiffs, former Baron customers, sought recovery from multiple entities and individuals, including Bear Stearns, other broker-dealers, financiers, and the Apollo Defendants, alleging federal securities fraud, RICO violations, and various New York common law claims like fraud, civil conspiracy, and aiding and abetting. The court, presided over by District Judge Paul A. Crotty, granted motions to dismiss against most defendants, citing failures to meet heightened pleading standards under Rule 9(b) and the PSLRA, and lack of duty to disclose for clearing brokers. However, the court denied dismissal for market manipulation, civil conspiracy to defraud, and aiding and abetting fraud claims against the Apollo Defendants, specifically for plaintiff James Bailey, allowing those specific claims to proceed.

Securities FraudMarket ManipulationRICO ViolationsCommon Law FraudCivil ConspiracyAiding and Abetting FraudBroker-Dealer MisconductBoiler Room SchemePleading StandardsStatute of Limitations
References
44
Case No. 1:10-cv-03461-PAC
Regular Panel Decision

Richman v. Goldman Sachs Group, Inc.

This Memorandum and Order addresses six consolidated class actions against Goldman Sachs & Co. and its officers and directors, alleging violations of the Securities Exchange Act of 1934. The plaintiffs claim the defendants made false and misleading statements regarding a collateralized debt obligation (CDO) security and failed to disclose a Wells notice from the SEC and a subsequent criminal investigation, which led to a significant drop in Goldman Sachs' stock price. The Court consolidated the actions and proceeded to determine the 'most adequate plaintiff' to serve as lead plaintiff under the Private Securities Litigation Reform Act (PSLRA). After evaluating several contenders and applying the four *Lax* factors for financial interest, the Court designated the Pension Group as the lead plaintiff. The Pension Group comprises the Arkansas Teachers Retirement System, the West Virginia Investment Management Board, and the Plumbers and Pipefitters Pension Group, and their selection of Robbins Geller Rudman & Dowd, LLP and Labaton Sucharow, LLP as co-lead counsels was approved.

Securities LitigationClass ActionLead Plaintiff AppointmentPSLRAConsolidation of CasesFinancial InterestRule 23 RequirementsMisleading StatementsCollateralized Debt Obligation (CDO)Goldman Sachs
References
15
Case No. 07 Civ. 11479
Regular Panel Decision

In Re Focus Media Holding Ltd. Litigation

This consolidated putative class action involved Lead Plaintiff Iron Workers Local No. 25 Pension Fund suing Focus Media Holding Limited, its officers/directors, and underwriters for alleged violations of the Securities Exchange Act of 1934 and the Securities Act of 1933. The plaintiff claimed that Focus Media made misstatements and omissions regarding its declining gross margins in a September 2007 press release, conference call, and a November 2007 Registration Statement. Specifically, allegations included misleading earnings guidance, failure to disclose third-quarter gross margin information, and undisclosed traditional billboard acquisitions. The Court granted the defendants' motion to dismiss the complaint in its entirety, finding that the plaintiff failed to state actionable claims. The decision concluded that Focus Media's disclosures complied with SEC regulations, its forward-looking statements were protected by cautionary language and the PSLRA safe harbor, and the observed decline in gross margin did not constitute an 'extreme departure' requiring accelerated disclosure.

Securities FraudClass ActionMotion to DismissSecurities Exchange Act of 1934Securities Act of 1933Private Securities Litigation Reform ActForward-Looking StatementsGross MarginFinancial DisclosureMaterial Omission
References
16
Case No. 04 CV 4165
Regular Panel Decision

Olsen v. New York Community Bancorp, Inc.

This Memorandum of Decision and Order addresses motions to consolidate eleven related securities fraud class actions and appoint a lead plaintiff and lead counsel. The actions were brought on behalf of investors who purchased New York Community Bancorp, Inc. (NYCB) stock between June 2003 and May 2004, alleging violations of federal securities law due to material misrepresentations and omissions related to NYCB's merger with Roslyn Bancorp, Inc. The Court, presided over by District Judge Hurley, granted the motion to consolidate all actions under case number 04 CV 4165. Applying the Private Securities Litigation Reform Act of 1995 (PSLRA) and Rule 23 of the Federal Rules of Civil Procedure, the Court appointed the "NYCB Group," composed of Metzler Investment GmbH and Bernard Drucker, as the lead plaintiff, determining they had the largest financial interest and satisfied all other requirements. Milberg Weiss Bershad & Schulman LLP was approved as lead counsel. The motions from other groups (Lee Group, Dr. Schnapp, Stevens Group, Dalia Group, Stewart Group) for lead plaintiff were denied.

Securities FraudClass ActionLead PlaintiffLead CounselConsolidation of ActionsPSLRAEastern District of New YorkNYCB GroupMetzler InvestmentBernard Drucker
References
16
Case No. MISSING
Regular Panel Decision
Sep 30, 2003

In Re Enron Corp. Securities, Derivative & ERISA

This case, referred to as the 'Tittle action,' involves class action claims brought by Enron employees who participated in three pension benefit plans (Savings Plan, ESOP, and Cash Balance Plan). Plaintiffs allege breaches of fiduciary and co-fiduciary duties under ERISA, RICO violations, and Texas common law claims (negligent misrepresentation and civil conspiracy) against Enron, its officers, directors, administrative committees, Arthur Andersen, Vinson & Elkins, and several investment banks. The court grants motions to dismiss for most RICO and common law claims, citing preemption by the Private Securities Litigation Reform Act (PSLRA) and the Securities Litigation Uniform Standards Act (SLUSA), as the underlying conduct is actionable as securities fraud. However, the court largely denies motions to dismiss for the ERISA claims, allowing them to proceed, finding that plaintiffs have adequately stated claims for breach of fiduciary duty related to imprudent investments in Enron stock, plan lockdowns, and failure to diversify plan assets. The decision outlines the various duties and liabilities of fiduciaries, co-fiduciaries, and non-fiduciaries under ERISA.

ERISAFiduciary DutyCo-Fiduciary LiabilityDirected TrusteeSecurities Litigation Reform ActSLUSA PreemptionClass ActionPension PlansESOP401(k) Plan
References
247
Case No. MISSING
Regular Panel Decision

In re Key Energy Services, Inc. Securities Litigation

This case is a securities-fraud putative class action brought by Lead Plaintiff Inter-Local Pension Fund of the Graphic Communications of the International Brotherhood of Teamsters against Key Energy Services, Inc. and several of its officers. The plaintiff alleged material misrepresentations and omissions regarding Key's financial condition and business prospects in Mexico and Russia, leading to inflated stock prices, in violation of various sections of the Securities Exchange Act of 1934, SEC Rule 10b-5, and the Foreign Corrupt Practices Act (FCPA). Defendants filed motions to dismiss, arguing that the Consolidated Amended Complaint failed to allege falsity with particularity, establish a strong inference of scienter, and demonstrate loss causation as required by the Private Securities Litigation Reform Act (PSLRA) and Federal Rules of Civil Procedure 9(b) and 12(b)(6). The Court granted the motions to dismiss, finding the complaint deficient in providing specific factual allegations, relying too heavily on vague confidential witness statements, and improperly using group pleading to infer scienter. The plaintiff was granted leave to file a Second Consolidated Amended Complaint to address these pleading deficiencies.

Securities fraudClass actionFCPA violationsInternal controlsMisrepresentationsOmissionsScienterLoss causationMotions to dismissPSLRA
References
106
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