Financial Recovery Technologies Fast Five provides you with the top news in shareholder class actions. Stay up-to-date on the latest developments in settled (U.S./Canada) claims filing opportunities, Antitrust settlements, Global Group Litigation matters and more. For more information, contact your Financial Recovery Technologies representative or email us.

1. Nielsen Settles Investor Fraud Claims for $73 Mln

Nielsen Holdings Plc has agreed to pay $73 million to settle shareholders’ claims that the TV ratings company misled investors about its retail analytics business and the impact of European privacy regulations. Investors on Tuesday asked U. S. District Judge Jesse Furman in Manhattan to approve the deal. They had come to a confidential agreement with the company in late February, according to court filings. Attorneys for Nielsen did not immediately respond to requests for comment on Monday. Click here to read the full article.

2. The Rise of Global Securities Class Actions

Over the last five years, filings outside of the US increased year on year, with around 250 cases filed or investigated collectively on average at this point, and industry watchers expect this trend to continue. One of the key developments seen in November 2021 was the first ever securities class action settlement in China, after a court found that a pharmaceutical company inflated its financials and failed to disclose material information to its investors. As China becomes yet another jurisdiction primed for securities class action activity, it’s harder than ever to ignore the expanding scope of the global landscape and the increased recovery opportunities now open to investors. Click here to read the full article.

3. How The Lack Of Unified ESG Metrics Creates Litigation Risk

There are several litigation risks that may arise from ESG ratings. To date, no one has been sued based on a misleading ESG rating. But in recent years, there has been a noticeable uptick in cases seeking to hold businesses liable for “greenwashing,” i.e., creating the impression through branding or marketing that products and practices are environmentally friendly when they are not, or not to the extent implied. It is not a stretch to imagine investors or regulators alleging greenwashing based on the misleading use of ESG ratings. Ratings providers, too, could find themselves in the crosshairs. Given investors’ increasing reliance on ESG ratings, this may very well be an area to which regulators turn in the near future. Likewise, it is not difficult to conceive of disputes about whether the ESG-pegged pricing mechanism in a credit agreement has been triggered. Click here to read the full article.

4. Co-Diagnostics Must Face Investor Suit on Covid Test Accuracy

Co-Diagnostics Inc. lost its bid to throw out a securities suit after a federal judge in Utah ruled investors sufficiently alleged the company falsely claimed to offer “100% accurate” coronavirus tests early in the pandemic. The Salt Lake City-based diagnostic testing company’s investors allege facts showing Co-Diagnostics’ “statements attempted to paint a picture of a product for which everything was going right” when the company “knew of evidence otherwise,” the U.S. District Court for the District of Utah said. Click here to read the full article (subscription may be required).

5. German Law Firm Launches Class Action Lawsuit Against EY Over Wirecard Scandal

A German law firm has opened a class action lawsuit against Big Four accountancy firm EY over the auditor’s role in the multi-billion-euro Wirecard scandal. German law firm TILP said it had filed a lawsuit in a Munich court on behalf of Wirecard shareholders, over claims that EY breached its duty to investors by “aiding and abetting” Wirecard in filing “false annual reports”. The lawsuit comes after former Wirecard chief Markus Braun was this week charged with fraud, breach of trust, and accounting manipulation, in relation to the collapse of the Bavarian fintech firm. Wirecard filed for bankruptcy in 2020 after shares in the firm plummeted by 72 per cent following an announcement that €1.9bn in cash had gone “missing”. Shareholder rights specialist TILP said it had opened the class action lawsuit on behalf of investors in Wirecard. Click here to read the full article.

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