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.
Merck & Co. Inc. investors who opted out of class suits against the firm got Third Circuit permission to pursue their state law claims individually Sept. 12. The pharmaceutical firm allegedly misled investors about two cholesterol drugs. Merck can’t use a federal law guiding securities class actions to block the state claims because these investors opted out of those suits, the U.S. Court of Appeals for the Third Circuit said, reversing the suits’ dismissal. Click here to read the full article (subscription may be needed).
Steinhoff International Holdings NV was given a record 53 million rand ($3.6 million) fine by South Africa’s financial regulator for failing to properly disclose accounting problems to shareholders. The Financial Sector Conduct Authority reduced the figure from an initial 1.5 billion rand in light of the retailer’s precarious financial position, according to Brandon Topham, a divisional executive for investigations and enforcement. The FSCA is concerned that putting too much pressure on Steinhoff’s balance sheet could result in job losses, he said. Click here to read the full article.
An Australian magistrate shifted hearings to a larger room as a long-awaited criminal cartel case against Australia and New Zealand Banking Group and the local units of Citigroup and Deutsche Ban inched ahead on Tuesday. Lawyers for each of the banks and individual executives packed out the Sydney courtroom for a short administrative hearing ahead of legal argument scheduled for later this month, giving a sense of the size and complexity of one of the country’s biggest white-collar crime prosecutions. The case is being closely followed by brokers and banks globally because it could lead to increased regulatory scrutiny. Click here to read the full article.
Tesla Inc. Chief Executive Officer Elon Musk said he was involved in some discussions about the $2.6 billion acquisition of SolarCity in 2016, though he recused himself from a board vote approving the initial offer. Musk made the disclosure when he was questioned under oath by lawyers for pension and investment funds that claim he duped investors into backing the buyout of the solar-energy company that was founded by his cousins and where he was the chairman and largest shareholder. The shareholders claim in the three-year-old lawsuit that SolarCity was basically insolvent when the companies publicly announced plans to merge in June 2016 and not worth the price ultimately negotiated by Tesla’s “conflicted fiduciaries.”Click here to read the full article.
A New York federal court on Monday dismissed a proposed class action alleging AmTrust Financial Services Inc. made a series of misstatements about its finances dating back to 2012 that required the insurer to restate its financials and ultimately sunk the company’s stock. In an 83-page opinion, U.S. District Judge Lewis Kaplan found that some of the financial metrics at the center of the restatements should be considered opinions that are subject to a higher pleading standard than facts, which the company’s investors must merely prove were untrue or misleading. Click here to read the full article (subscription may be needed).
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