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.
Alibaba Group Holding Ltd said on Monday it will pay $250 million to settle a U.S. lawsuit faulting the Chinese e-commerce company for concealing a regulatory warning about its ability to stop counterfeiting before it went public in 2014. The lawsuit accused Alibaba of securities fraud for failing to disclose it had met with China’s State Administration for Industry and Commerce on July 16, 2014, two months before the company’s $25 billion initial public offering. Alibaba’s American Depositary Shares fell 12.8 percent on Jan. 28 and 29, 2015 after the SAIC issued a white paper based on concerns raised at the meeting, saying many products sold on Alibaba websites were fake or infringed trademarks. Click here to read the full article.
The intent and purpose of the Private Securities Litigation Reform Act of 1995 and the Securities Litigation Uniform Standards Act of 1998 continue to be eroded as plaintiffs exert pressure on defendants by filing parallel securities actions in both federal and state courts, and often, in both forums simultaneously. The trends contributing to such erosion are both daunting and indicative of a need for legislative reforms. They have not, however, eliminated certain strong strategies available in defending against securities litigation. This article explores some of these trends, while placing emphasis on significant recent decisions of interest — the progeny of which will shape the protections afforded to defendants in securities litigation. Click here to read the full article.
The High Court has recently held in Davey v Money & Anor1 that the Arkin cap, whereby the adverse costs liability of a commercial litigation funder is limited to the amount of its investment, should not be applied automatically in all cases involving commercial litigation funders. The judge in Davey v Money decided that the Arkin cap did not apply and that the funder should be fully liable for the successful party’s indemnity costs since the date of the funding agreement. It is now clear that funders will not always be able to benefit from the Arkin cap when the claim they have funded proves to be unsuccessful. Click here to read the full article.
Vocus says it will fight a class action alleging the telecommunications company misled shareholders over downgraded guidance that caused its stock to lose more than a quarter of its value. The company has been served with a class action proceeding filed in the Federal Court by law firm Slater and Gordon on behalf of shareholders who bought Vocus shares between November 29, 2016 and May 2, 2017. Slater and Gordon has alleged Vocus contravened the Corporations Act by misleading or deceiving shareholders, and that it breached its continuous disclosure obligations as its FY17 earnings guidance changed. Click here to read the full article.
Big four consulting firm KPMG has settled a class action with Discovery Metals shareholders over allegations the firm’s advisory arm provided an independent expert report that contained misleading advice to the board of the failed junior miner. The terms of the settlement, which includes details of the “strictly confidential” financial sum KPMG has agreed to pay, must be approved by the NSW Supreme Court at a hearing scheduled for May 27. Click here to read the full article (subscription may be needed).
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