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.
Bernstein Litowitz Berger & Grossman LLP and Kessler Topaz Meltzer & Check LLP will serve as lead counsel in a would-be securities class suit alleging Carnival Corp. concealed information about its adherence to health and safety protocols in the wake of Covid-19, a Florida federal court said. The New England Carpenters Pension and Guaranteed Annuity Funds and the Massachusetts Laborers’ Pension and Annuity Funds will be lead plaintiffs, Chief Judge K. Michael Moore of the U.S. District Court for the Southern District of Florida said. The suit, filed in May on behalf of holders of common stock, alleges Carnival misrepresented its role in the transmission of the virus, and alleges the company’s stock tumbled when news of the outbreak aboard its ships hit. Click here to read the full article.
The Danish State Prosecutor for Serious Economic and International Crime (SØIK) has fined Danske Bank nine million Danish kroner (US$1.4 million) for misleading investors and this way violating the country’s Executive Order on Investor Protection, the SØIK said in a statement on Tuesday. The bank was sanctioned for giving misleading information to “approximately 10,000 customers in connection with advice on and sale of the portfolio management product Flexinvest Fri.” It said it knew since 2017 that for those customers the “product had an expected negative net return over five years,” but never informed them about that. Click here to read the full article.
It is no longer a matter of if, but when companies that suffer a data breach will be sued in a class action lawsuit following a data breach. Many of those data breach cases get dismissed, as it is difficult for consumers to show they have suffered a compensable harm from a particular data breach. What is less common is a public company getting hit with a class action lawsuit by investors for securities fraud following a data breach. Several companies have been sued under the theory that since the company failed to protect customer data and made false and misleading statements about the company’s business, operational and financial results, proposed class members of all persons and entities that purchased or acquired shares in the time frame leading up to and following the data breach are entitled to damages, interest, fees and costs. Click here to read the full article.
Estimates of aggregate damages play a key role in settlement negotiations. However, such estimates are typically based on probabilistic models of investor trading behavior and aggregate trading data that may not fully and accurately capture investor trading patterns. Using data from over 100 Rule 10b-5 securities class action settlements from 2015 to 2018, this study compares total approved damages claims calculated by settlement claims administrators to estimates of aggregate damages put forth by plaintiffs in their motions for settlement approval. Click here to read the full article.
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