Publications

This month’s Alert addresses a Second Circuit opinion holding that statements regarding goodwill and loan loss reserves represent opinions, not facts. We also discuss recent case law on the question of whether the “ultimate authority” requirement set forth in the Supreme Court’s decision in Janus Capital Group, Inc. v. First Derivative Traders applies to Rule 10b-5 claims against corporate insiders. In addition, we cover two of the earliest rulings on motions to dismiss “Say on Pay” shareholder derivative actions.

This Alert also discusses a decision from the Southern District of Texas dismissing the BP derivative action on forum non conveniens grounds, as well as three rulings from the Southern District of New York: one holding that American Pipe tolling applies to Section 13’s statute of repose; another rejecting the “listing theory” of liability for “foreign cubed” claims in the UBS securities fraud action; and finally, a third criticizing plaintiffs’ counsel in the Smith Barney litigation for naming as lead plaintiff an entity that did not purchase the securities at issue.