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. Zillow Slapped With First Federal Lawsuit From Shareholders Over Home-Flipping Business Flop

Zillow is facing a new federal lawsuit alleging the real estate company misled investors and caused them great financial losses before its house flipping business folded amid increased unpredictability in the market. The lawsuit filed Tuesday in U.S. District Court for the Western District of Washington at Seattle alleges that Zillow made “materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects.” The filing is the first federal case opened regarding Zillow Offers, as two other Boston-based law firms have also asked additional shareholders to come forward as they investigate lost money by investors. Click here to read the full article.

2. Ohio Attorney General Sues Meta Over Revelations From the ‘Facebook Papers’

Ohio Attorney General Dave Yost on Monday announced that he is suing Meta, the social media giant formerly known as Facebook, based on revelations from whistleblower Frances Haugen and the trove of internal company documents she leaked. The securities lawsuit, filed on behalf of the Ohio Public Employees Retirement System and other investors, alleges that the company misled the public about its algorithm and the harms the company’s own research showed its apps can cause to users. It claims that Facebook-turned-Meta executives violated securities law by making false statements about the “safety, security and privacy of its platforms” in order to boost its stock. Click here to read the full article.

3. Novavax Faces Shareholder Suit Over Covid-19 Vaccine Claims

Biotechnology company Novavax Inc. allegedly misled investors about how soon its Covid-19 vaccine would be ready for emergency-use authorization from the FDA, a new lawsuit said. The Gaithersburg, Md.-based company overstated its manufacturing capabilities and downplayed issues that led to repeated delays of its filing with the Food and Drug Administration, according to a Nov. 12 shareholder complaint in the U.S. District Court for the District of Maryland. The company’s 2020 10-K filing claimed that it planned to file for FDA emergency-use authorization in the second quarter of this year, according to the complaint. Click here to read the full article (subscription may be required).

4. US House Panel Passes Bills Tightening SPAC Oversight

The House Financial Services Committee passed two bills aimed at strengthening protections for investors in special purpose acquisition companies (SPACs), so-called blank-check companies that have boomed as a cheaper, faster alternative for raising capital than traditional initial public offerings. One bill would bar SPACs that fail to follow stricter disclosure rules from having their securities sold to retail investors, while another would exclude some SPACs from a safe harbor for forward-looking statements, making them liable for misleading or false statements. The committee approved the bills Tuesday. Click here to read the full article.

5. Chinese Court Rules Against Kangmei in ‘Milestone’ Case

A Chinese court ruled on Friday against Kangmei Pharmaceutical Co (600518. SS) and some of its former executives, handing victory to investors in China’s first class-action lawsuit against corporate fraud. The ruling by the Intermediate People’s Court of Guangzhou was hailed by China’s securities regulator as a “milestone” event in the country’s capital markets. Under the ruling, Kangmei must pay 55,326 investors a total of 2.46 billion yuan ($385.51 million) to reimburse their losses. Click here to read the full article (subscription may be required).

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