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.
Lyft Inc. was sued by investors who claim the ride-sharing company overstated its market position when it went public last month, leading to a dramatic plunge in its stock price. Two separate class-action complaints against Lyft, as well as its officers and directors and underwriters, were filed Wednesday in state court in the company’s hometown, San Francisco. Since going public March 28, Lyft has declined 17 percent to $59.51. The investors claim Lyft was exaggerating in its prospectus when it said its U.S. market share was 39 percent. In both suits, the plaintiffs also dinged the company for failing to tell investors that it was about to recall more than a 1,000 of the bikes in its ride-share program. Click here to read the full article.
A shareholder class action run by law firm Squire Patton Boggs against logistics software company GetSwift has been stopped in its tracks following a ruling by the High Court of Australia. Three class actions were initially filed by law firms Corrs Chambers Westgarth, Phi Finney McDonald and Squire Patton Boggs, alleging that GetSwift shareholders suffered financial loss because the company breached its continous disclosure obligations between February 24, 2017 and January, 19 2018. However, Federal Court judge Michael Lee ruled in May 2018 that Phi Finney McDonald would lead the charge and put the other two cases permanently put on hold. Click here to read the full article (subscription may be needed).
Estonia’s state prosecutor is expanding an investigation into Danske Bank A/S to include Swedbank AB of Sweden. Meanwhile, the accounting firms Ernst & Young and KPMG were both reported to the police in Denmark amid allegations they failed to respond to red flags tied to possible money laundering. Since it was revealed last year, Danske’s $230 billion Estonian laundering saga has exploded to engulf multiple other firms. Swedbank is the latest bank to find itself the target of probes which investors fear will lead to hefty fines. Click here to read the full article.
The High Court has handed down a judgment that may have significant repercussions for the commercial litigation funding industry and defendants who face funded claims. Since 2005 commercial litigation funders have been insulated from a key negative consequence of funding an unsuccessful claim, namely having to pay the full amount of the successful party’s legal costs. This protection has become known as the ‘Arkin cap’. Click here to read the full article.
National banking supervisors who control the European Union banking watchdog effectively forced it to clear financial regulators in Estonia and Denmark, who were investigated in relation to suspected money laundering activities by Danske Bank, a member of the European parliament said on Wednesday. Click here to read the full article.
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