FRT’s Fast Five: Week Ending May 1, 2020

FRT Marketing
May 1, 2020

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. UK Call to Give Companies ‘Breathing Space’ on Coronavirus Litigation

A group of leading UK judges and academics have made a plea for commercial disputes to be resolved before they reach the courts to avoid a “deluge of litigation” in the wake of the coronavirus pandemic. Two former heads of the UK Supreme Court are among those calling for more emphasis on conciliation to help businesses facing contract disputes arising from the crisis. A note agreed at a meeting of the British Institute of International and Comparative Law pointed out that in countries such as Singapore, rules have been changed to give temporary “breathing space” to companies and individuals unable to fulfil legal contracts because of the epidemic. Click here to read the full article (subscription may be needed).

2. Second Class Action on Treasury Wines Downgrade Heads to Court

A second class action over a $3 billion wipe-out in sharemarket value in late January after a surprise profit dive by Penfolds owner Treasury Wine Estates is about to begin in the courts. The profit slide, caused mainly by a cheap wine glut in the United States, came well before a more serious downturn in Treasury Wine’s fortunes triggered by the coronavirus pandemic. Maurice Blackburn lawyers allege that Treasury Wines misled the sharemarket for 18 months before it finally opened up in late January about a decline in its US business. Documents are set to be lodged with the Victorian Supreme Court. Click here to read the full article.

3. Directors Warn Analysts on Market Misinformation

Leading company directors have taken aim at influential but conflicted stockbrokers and analysts stirring up market misinformation amid the coronavirus crisis, warning they are exposing boards to class actions. The ASX has published guidance to offer some relief by emphasising that the continuous disclosure obligations do not extend to listed companies predicting the unpredictable. It comes as the Australian Securities and Investments Commission puts directors on notice to beware boilerplate disclosure amid a flurry of COVID-19 capital raisings. Click here to read the full article (subscription may be needed).

4. Seven Top Trends in COVID-19 Litigation Targeting Business Practices

The unprecedented health emergency and closely related economic crisis created by COVID-19 have triggered a wave of putative class action and individual lawsuits targeting a wide range of businesses. This article identifies and describes seven business practices connected to COVID-19 that have already drawn a substantial number of civil lawsuits and are likely to draw more as the adverse health and economic impacts are felt more fully across the nation. Notably, companies across many industries are unwilling or unable to provide refunds for cancelled travel, events and services. This practice has spurred a wave of putative class action and individual litigation by consumers attacking refund policies and practices and demanding monetary refunds instead of credits or vouchers. Click here to read the full article.

5. New COVID-19 Securities Developments: Class Action Omissions Theory and SEC Enforcement Actions

Shareholders have already begun responding to the economic impact of COVID-19 by filing securities class actions related to the pandemic, including lawsuits against Norwegian Cruise Lines (NCL) and Inovio Pharmaceuticals (Inovio) for allegedly misrepresenting the impact of the pandemic on their business operations. This alert includes an update on a recent COVID-19-related securities class action brought in connection with an initial public offering (IPO) under an omissions theory, filed against Phoenix Tree Holdings Limited (Phoenix) in the US District Court for the Southern District of New York. Click here to read the full article.

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Financial Recovery Technologies’ Shareholder Litigation Fast Five provides you with the top news in shareholder class actions. This is your exclusive summary of the latest industry developments related to settled, group and antitrust actions and recovery opportunities. Click here to subscribe.

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About FRT

SETTLED CLAIMS  I  PASSIVE GROUP  I  ANTITRUST  I  FUTURE CLAIMS  I  OPT-IN MONITORING  I OPT-OUT MONITORING

Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability, and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and do not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

ABOUT FINANCIAL RECOVERY TECHNOLOGIES
SETTLED  I  NON-US GLOBAL OPT-IN  I  ANTITRUST  I  GLOBAL PASSIVE  I  DIRECT OPT-OUT  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.