Respondent Connecticut Retirement Plans and Trust Funds’ (“Connecticut Retirement”) purchased securities offered by petitioner Amgen, Inc. (“Amgen”), a biotechnology company that manufactures pharmaceutical drugs. See Connecticut Retirement Plans and...
securities
(LIIBULLETIN preview)
This case arose out of the 2008 collapse of Respondent Lehman Brothers Holdings Inc. (“Lehman Brothers”). See In Re Lehman Bros. Securities and ERISA Litigation, 799 F. Supp. 2d 258, 264 (S.D.N.Y. 2011). Lehman Brothers was a large investment bank,...
(LIIBULLETIN preview)
Congress enacted the Securities Act of 1933 (“Securities Act”) to regulate the securities industry after the 1929 stock market crash. Brief for Petitioners, Cyan, Inc., et al. at 2. The Securities Act allows securities acquirers to sue securities...
(LIIBULLETIN preview)
In an action for securities fraud under Securities and Exchange Commission Rule 10b-5, a plaintiff must show (1) that he or she relied upon a defendant’s material misstatement or omission in buying or selling the security and (2) that the misstatement...
(LIIBULLETIN preview)
Valley View Downs, LP (“Valley View”) sought to develop a “racino,” which would offer horse racing and casino entertainment in Pennsylvania. FTI Consulting, Inc. v. Merit Management Group, LP, 541 B.R. 850, 852 (N.D. Ill. 2015). To operate a racino,...
(LIIBULLETIN preview (pre-2014))
Appealed from the United States Court of Appeals for the Second Circuit (Jan. 11, 2010)
Oral argument: Mar. 29, 2010
SUBJECT MATTER JURISDICTION, SECURITIES, COMITY, FOREIGN TRANSACTIONSRespondent...
(LIIBULLETIN preview)
Petitioner Omnicare is a large pharmaceutical care services provider operating in Canada and the United States. See Ind. State Dist. Council, et al. v. Omnicare, Inc., et al., 719 F.3d 498, 500 (6th Cir. 2013). Omnicare engaged in a public offering of...
(LIIBULLETIN preview)
On September 1, 2011, Bassam Yacoub Salman was indicted for his involvement in an insider trading scheme involving members of his extended family. United States v. Salman, 792 F.3d 1, 3–7 (9th Cir. 2015). Specifically, the government charged Salman...
(Wex page)
The Securities Act was Congress's opening shot in the war on securities fraud. Congress primarily targeted the issuers of securities. Companies which issue securities (called issuers) seek to raise money to fund new projects or investments or to expand...
(LIIBULLETIN preview)
In 2018, the New York Stock Exchange (NYSE) issued a new rule allowing companies to publicly sell stock through a direct listing. Pirani v. Slack Technologies, Inc., at 6. Normally, a company issues stock to the public for the first time through an...