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.
World Wrestling Entertainment Inc. and investors who say it misled them about problems with its business ties to Saudi Arabia secured final approval for their $39 million settlement in federal court in New York. The cash deal represents about 18.2% of estimated classwide damages, the investors told the U.S. District Court for the Southern District of New York when they sought preliminary approval last year. Judge Jed S. Rakoff gave his final sign off to the settlement in an order docketed Thursday. The professional wrestling group’s investors in 2020 accused WWE of misleading them about the status of media rights deals in Saudi Arabia. Rakoff rejected WWE’s bid to dismiss the suit later that year and preliminarily approved the settlement in March. Click here to read the full article.
With its stock price cut in half, Emergent faces several shareholder lawsuits accusing it of securities fraud, and a pension fund filed a complaint last Tuesday claiming that some executives and board members — including several former federal officials — had engaged in insider trading by unloading more than $20 million worth of stock over the past 15 months. In all, Emergent is facing at least four shareholder lawsuits, including three that are seeking class-action status. The plaintiffs include both individuals and institutional investors, such as retirement and pension funds. The litigation adds to the troubles of the politically connected company, which is also the target of a widening congressional investigation into its vaccine production problems and the favorable deals it has secured with the government. Click here to read the full article (subscription may be required).
Steinhoff International Holdings NV may soon release a revised proposal to resolve more than $8 billion of legal claims against the retailer after a previous deal recently fell through. The company “is considering its options” after a South African court ruled on July 2 that the deal related to debt refinancing was void. Steinhoff still believes that “a global settlement is in the interest of all parties,” and will “strive to achieve one,” a spokesman said Wednesday by phone. This is expected to include a revised offer to be made shortly. Click here to read the full article (subscription may be required).
The U.S. Supreme Court agreed to consider whether mandatory discovery stays in securities class actions apply in state court. The justices’ decision to grant certiorari marks a win for the defendants, as well as the U.S. Chamber of Commerce and Securities Industry and Financial Markets Association, which both argued that refusing to apply mandatory discovery stays in state securities suits “creates additional risk and uncertainty for issuers and underwriters participating in IPOs.” The ruling came as a blow to underwriters and newly public companies that feared they’d have to face duplicative litigation in federal and state courts if the former did not maintain exclusive jurisdiction over covered class actions brought under the federal securities law. Click here to read the full article (subscription may be required).
Activist shareholders and NGOs targeting governments and businesses in relation to climate change are increasingly turning to litigation. Click here to read the full article.
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