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. Boral Hit With Class Action Over US Business

A Sydney law firm has filed documents in the Federal Court to initiate a class action against ailing building products company Boral over the accounting scandal in its United States windows business which emerged in early December 2019. Law firm Quinn Emanuel Urquhart & Sullivan has officially commenced the action on behalf of shareholders who it claims suffered losses because Boral failed to disclose “financial irregularities” in its North American Windows business in a timely manner. Click here to read the full article.

2. COVID-19: Mitigating Enforcement and Litigation Disclosure Risks for Public Companies

The COVID-19 pandemic has created a disclosure nightmare for public companies. The Securities and Exchange Commission (SEC) has recognized this challenge and, to its credit, has provided relief to public companies by, among other things, extending the deadline for companies to file certain disclosure reports. This challenge is made all the more difficult by the looming presence of securities class action firms, which already have sued companies over coronavirus-related disclosures. In addition, the SEC in the recent past has charged companies for allegedly insufficient disclosures made in reaction to crisis situations. Click here to read the full article.

3. Number of Securities Class Actions Against Non-US Issuers Holds Steady for Third Year

Approximately 15% of the securities class action suits filed in 2019 were filed against non-U. S. issuers, marking a 2% increase from 2018, according to a recent report published by Dechert. “It seems to be an area of high interest in the shareholder plaintiffs’ bar in the United States and I don’t see any letup in this particular trend,” said David Kistenbroker, the managing partner at Dechert in Chicago and global co-leader of the white-collar and securities litigation practice. The plaintiffs bar is particularly keen on filing securities suits against biotechnology and pharmaceutical companies based outside of the U.S., according to the report. Click here to read the full article (subscription may be needed).

4. Snap Inc. Agrees to Settle Investors’ IPO Suit for $155 Million

Snap Inc. and investors who claim they were cheated when the maker of the multimedia messaging app went public three years ago are settling their dispute for nearly $155 million, according to a filing in federal court in California. The deal comes months before trial, class representatives told the U.S. District Court for the Central District of California. They’re asking the court to give the agreement preliminary approval. The plaintiffs say Snap made misleading statements about how many daily active users it had in the period leading up to its March 2017 initial public offering. Click here to read the full article (subscription may be needed).

5. Cloudera Investors Must Pick New Lead Plaintiff After Suit Fixes

Cloudera Inc. investors who accused the company of misleading them about its ability to compete within the cloud industry must go through the lead plaintiff selection process again after filing a consolidated class complaint, a California federal district judge ruled. The former lead plaintiff’s new complaint added defendants, new claims, and expanded the proposed class, the U.S. District Court for the Northern District of California said Wednesday. Judge Lucy H. Koh agreed with the defendants that the additions “‘fundamentally altered’ the nature of this case.” Click here to read the full article (subscription may be needed).

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• Blogs
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  • Debunking Five Myths about Australian Securities Class Actions
  • Three Reasons Why Wealth and Retail Investment Firms Should Care about Class Action Recovery
  • Case Spotlight: BRF S.A.
  • Daimler Case Update January 2020
  • Three Upcoming Antitrust Deadlines in Q1 2020
  • Case Spotlight: First Solar Inc. Reaches $350m Settlement Agreement
  •  Securities Class Action Cases: Quarterly Disbursed Claims – Q4-2019
  • Case Update: Vocus Group reaches $35m (AUD) settlement
  • FRT’s Best 19 of 2019
  • GSE Bond Case Update (December 2019): More Banks Settle Bringing Total Recovery to $386.5M
  • Case Update: Bellamy’s Australia Ltd. reaches $49.7m (AUD) settlement
  • Investors note: Australia now second in class action stakes
  • Case Update (November 2019): Woolworths Limited reaches Passive Registration Deadline Prior to December Mediation
• Whitepapers:
  • A Primer on Shareholder Class Action
  • A Primer on Antitrust Class Litigation
  • A Primer on Global Group Litigation
  • A Primer on Future Claims Recovery
  • Illustrating The Outer Time Limits By Which Filing Decisions Must Be Made
  • Calculating Inflationary Losses for Comparison to Loss Thresholds
  • Global Landscape Continues to Evolve in the Wake of Morrison Decision
• Jurisdiction Risk Profiles:
  • Australia
  • Denmark
  • United Kingdom
  • Taiwan
  • Greece
  • Germany
  • Brazil
  • Japan

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