Publications

This month’s edition addresses three Second Circuit opinions: one affirming dismissal of a  securities fraud action against Porsche Automobil Holding SE based on the Supreme Court’s decision in Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010); another holding that the whistleblower antiretaliation provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act does not apply extraterritorially; and a third defining the term “customer” for purposes of the right to arbitrate disputes under the Financial Industry Regulatory Authority (“FINRA”) Code.

We also discuss a Ninth Circuit decision holding that the announcement of an investigation, standing alone, is insufficient to establish loss causation. In addition, we address a Tenth Circuit opinion affirming dismissal of a securities fraud action against Chesapeake Energy Corporation on the grounds that the company had no obligation to disclose changes to its hedging strategy.  Finally, we discuss an Eleventh Circuit opinion vacating and remanding a class certification order in a securities fraud action against Regions Financial Corporation for consideration of price impact evidence in light of the Supreme Court’s decision in Halliburton Co. v. Erica P. John Fund, Inc.,  134 S. Ct. 2398 (2014).