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.
Mining giant Glencore PLC told a New Jersey federal judge that his court’s lack of personal jurisdiction was among the many faults that required dismissal of a stock-drop suit connected to announcements that the Swiss company’s overseas dealings were being investigated. Glencore pushed back Tuesday on a securities claims suit filed in July 2018, days after the company publicly disclosed that it had received a subpoena from the U.S. Department of Justice related to potential violations of the Foreign Corrupt Practices Act and U.S. money laundering statutes. Click here to read the full article (subscription may be needed).
A California federal judge approved a plan Wednesday to consolidate cases and counsel for a putative class of Twitter investors who allege the social media giant failed to disclose problems with targeted advertising, leading to a decline in revenue and a drop in stock prices. The Weston Family Partnership and the Twitter Investor Group will serve as co-lead plaintiffs in the action, with Pomerantz LLP and Kaplan Fox & Kilsheimer serving as co-lead counsel and Levi & Korsinsky serving as additional counsel, according to U.S. District Judge Yvonne Gonzalez Rogers’ order. The two lawsuits were filed in September and December, alleging that Twitter’s leadership hid or ignored an advertising problem that led to a revenue dip that contributed to a plunge in the company’s stock after it disclosed its financial results for the quarter. Click here to read the full article (subscription may be needed).
The regular monthly update on UK regulation relating to securities laws, is provided by Emma Radmore, Legal Director, Womble Bond Dickinson (UK) LLP, and covers UK regulatory developments during December 2019. Click here to read the full article.
Brazil’s Vale SA on Tuesday posted a sharp output decline and $671 million in net additional provisions stemming from a deadly dam burst about a year ago, underlining the enduring effects of the incident on the iron ore giant. In a statement, the company reported a 22.4% fall in fourth-quarter iron ore production from the same period last year and a 9.6% drop in quarterly terms. With that, Vale officially lost its position in 2019 as the world’s top iron ore producer to Rio Tinto. In late January 2019, a Vale-owned tailings dam in the town of Brumadinho burst, killing some 270 people. The incident led to serious production stoppages, pledges by Vale to reconstruct or decommission many of its other dams and the firing of a number of executives. Click here to read the full article.
Shine Lawyers is investigating a class action against embattled wealth manager AMP alleging it breached its fiduciary duty to an estimated 100,000 customers and ripped them off by selling in-house insurance policies with high premiums. The plaintiff law firm has confirmed it will “imminently” file a lawsuit in the Federal Court of Australia against AMP’s life insurance arm and three of its financial advice subsidiaries. Click here to read the full article (subscription may be needed).
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