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.
Qualcomm Inc. fought off a would-be securities class suit in California federal district court accusing the company of secretly asking the government to investigate and prevent Broadcom Ltd.’s merger attempt. Investors said Qualcomm secretly asked the Committee on Foreign Investment in the United States to investigate Broadcom, then based in Singapore, and tank the deal. But the investors didn’t adequately allege Qualcomm intended to deceive them or that any deceptions caused their losses, the U.S. District Court for the Southern District of California said Tuesday. Click here to read the full article.
Fears over the spread of the coronavirus (COVID-19) have significantly impacted the global economy and businesses’ ability to manufacture, distribute and sell their products. These same fears have also caused the most severe US stock market decline since the beginning of the 2008 recession. As recent trends demonstrate, the plaintiffs’ securities bar is likely to attempt to convert these (and potential future) drops into event-driven stock-drop litigation. This alert addresses the risks associated with stock-drop litigation related to COVID-19, and the steps companies can take to mitigate these risks, including updating their risk disclosures and financial guidance prior to the filing of their next periodic report. Click here to read the full article.
A Connecticut federal judge streamlined widespread litigation accusing Teva Pharmaceutical Industries Ltd. of operating a price-fixing scheme and lying about profit growth by consolidating 21 similar suits against the drugmaker Tuesday. U.S. District Judge Stefan R. Underhill granted a joint request to combine four nearly identical proposed class actions and 16 individual actions in which the plaintiffs said they would opt out of a class action, finding that there was substantial overlap between them. He also attached a 17th direct action transferred to him in late January, after the investors moved for consolidation. Click here to read the full article (subscription may be needed).
A California shareholder of Bayer AG on Friday filed a lawsuit against the companies’ top executives claiming they breached their duty of “prudence” and “loyalty” to the company and investors by buying Monsanto Co. in 2018, an acquisition the suit claims has “inflicted billions of dollars of damages” on the company. Plaintiff Rebecca R. Haussmann, trustee of the Konstantin S. Haussmann Trust, is the sole named plaintiff in the suit, which was filed in New York County Supreme Court. The named defendants include Bayer CEO Werner Baumann, who orchestrated the $63 billion Monsanto purchase, and Bayer Chairman Werner Wenning, who announced last month he was stepping down from the company earlier than planned. Click here to read the full article.
A New York federal judge has swatted down a bid by Royal Park Investments SA/NV and the Bank of New York Mellon to end their six-year-long court fight over residential mortgage-backed securities trusts overseen by the bank, saying he’s not there just to “rubber stamp” their vague request for dismissal. In a two-page order on Friday, U.S. District Judge Gregory H. Woods refused to pull the plug on Royal Park’s suit that sought to pin blame on BNY Mellon for hundreds of millions of dollars in losses allegedly suffered by investors in five pre-financial crisis RMBS trusts for which the bank serves as trustee. The two sides had entered a joint motion for voluntary dismissal of the 2014 case last week, but Judge Woods said their filings contained “no substantive information regarding the proposed resolution of this case” and “seem to be predicated on a belief that the court’s role is merely to rubber stamp the dismissal.” Click here to read the full article (subscription may be needed).
The number of securities class actions filed against non-U.S. issuers grew in 2019 from the previous year, according to a report from Dechert LLP. Plaintiffs filed 64 securities class action lawsuits against non-U.S. issuers in 2019, up from 54 in 2018. The 2019 number accounted for just over 15% of the 404 total securities class action lawsuits filed that year, according to the report, “Non-U.S. Issuers Targeted in Securities Class Action Lawsuits Filed in the United States.” Click here to read the full article.
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