FRT’s Fast Five: Week Ending May 15, 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. Norwegian Cruise Investors’ Covid-Linked Suits Consolidated

SNorwegian Cruise Lines investors who accused the company of lying about the coronavirus to boost sales had their proposed class actions consolidated in Florida federal district court. Investors filed separate suits in March and April alleging the cruise company claimed to prioritize guest safety while simultaneously instructing salespeople to downplay the chances the virus, which causes covid-19, could survive in the Caribbean. Click here to read the full article.

2. An Early Look at Securities Act Litigation Amid COVID-19

Although it is still too early to tell whether issuers that went public just before and then amid the COVID-19 crisis will face Securities Act lawsuits in greater than average numbers, plaintiffs are poised to file suit against issuers of substantial offerings whose share prices have been impacted by the recent market decline. The following analysis of offerings during late 2019 and early 2020, immediately prior to and during the COVID-19-induced market volatility, and the Securities Act complaints filed against some of those issuers amid the market unrest provide preliminary insights into whether, when and on what basis recent issuers—and their underwriters and auditors—are facing Securities Act litigation. Click here to read the full article.

3. Australian Government Pushes Ahead With Class Action Inquiry

The government will this week push ahead with a parliamentary inquiry into the class action industry, including the profits made by litigation funders that bankroll claims on behalf of Australians. Attorney-General Christian Porter said in many cases, funders were taking up to 30 per cent of legal settlements, “leaving the members of the action to fight over the scraps that remain” once legal fees and other costs were paid. Click here to read the full article.

4. Wirecard Hit by Shareholder Lawsuit Over Disclosures

One of Germany’s most prominent securities lawyers has filed an investor lawsuit against Wirecard, accusing the payments group of “false, omitted and incomplete” disclosures. The case, which was filed to a regional court in Munich on Tuesday by Tübingen-based lawyer Andreas Tilp, adds to Wirecard’s legal woes over the findings of a KPMG special audit that could not verify sales and profits at the heart of whistleblower allegations of fraud. The lawsuit claims that the KPMG report showed that the group for years had experienced a “massive shortfall in compliance” that it had been obliged to disclose to shareholders early on. Click here to read the full article (subscription may be required).

5. COVID-19 Australia: Financial Sector Regulatory Reform Is Postponed for Six Months

With COVID-19 putting unprecedented pressure on the financial sector, the Australian Government and regulators have put their ambitious regulatory agenda on hold for six months to allow businesses to focus on managing the COVID-19 crisis. However, the regulators have made it clear to the financial services industry that they remain focused on consumer outcomes and will take regulatory and enforcement action if there is a risk of significant harm to consumers. Click here to read the full article.

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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

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.