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Securities

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One way to prove loss causation in a securities fraud suit is to show that the defendant corporation's stock, traded in an efficient market, dropped significantly after a disclosure of information correcting the prior misrepresntations on which the plaintiff sues.  The plaintiff must also show that the corrective disclosure was a substantial factor in causing the stock drop.  This decision… Read More

Under 15 USC 78u(d)(5), in an action commenced by the SEC, the court may award "any equitable relief that may be appropriate or necessary for the benefit of investors."  The term "equitable relief" allows the court to grant the categories of relief typically available in equity as shown by consulting works on equity jurisprudence.  Those works show that restitution or… Read More

In determining whether the Securities Litigation Uniform Standards Act (SLUSA) preempts a state court class action alleging fraud in connection with securities transactions, a district court should not dismiss the action without first allowing the plaintiff leave to amend—as it might do so to eliminate class claims and by that or other means avoid SLUSA preemption. Read More

Under Delaware law, a plaintiff must satisfy a stricter test to excuse failure to demand action from a corporation’s board of directors before filing a shareholder derivative suit, if the suit challenges the board’s neglect rather than its affirmative decision. Read More

Only negligence, not scienter, need be shown to state a claim under Section 14(e), the provision of the Securities Exchange Act that makes it unlawful for a person to make a false statement or engage in any fraudulent or manipulative acts in connection with a tender offer. Read More

The exhaustion of remedies doctrine requires a petitioner who sought expungement of Financial Industry Regulatory Authority (FINRA) disciplinary history to first to seek relief from FINRA and the Securities and Exchange Commission (SEC) before bringing state court action for expungement of public records. Read More

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