This webinar will examine several important securities class action cases to watch in 2019. We will first discuss three certiorari petitions presently before the U.S. Supreme Court involving claims brought under Section 10(b) of the Securities Exchange Act of 1934:
- Toshiba - The Court is being asked to consider whether a foreign issuer can be sued under the securities laws of this country, even though its shares were never listed on any domestic exchange and the company had no involvement in the U.S.-based transaction that spawned the claims.
- First Solar - The Court could comment for the first time on what type of evidence is sufficient to satisfy the “loss causation” requirement for Section 10(b) claims. Do investors have to show that the existence of a fraud was eventually revealed to the market or will a less demanding showing suffice?
- Hagan - The Court is being asked to decide whether a pharmaceutical company had a duty to update its prior disclosure of initial positive test results after it learned through additional testing that its new drug did not have a beneficial impact.
Also, the Supreme Court already has before it two other securities cases (Lorenzo and Emulex) where it will revisit who can be a “maker” of allegedly false or misleading statements under Section 10(b) and also address whether proof of negligence is sufficient for claims brought under Section 14(e) of the 1934 Act for alleged misstatements made in connection with a tender offer. We will discuss our expectations for how those appeals may be decided. Lastly, we will discuss appeals of note at the circuit court level, focusing on an appeal presently before the Second Circuit (Goldman Sachs) that concerns class certification in Section 10(b) cases. The Second Circuit is being asked to decide what a defendant must show to rebut the presumption of classwide reliance, which is the primary vehicle by which Section 10(b) claims are certified. If a defendant can successfully rebut this presumption, certification must be denied. We hope you will be able to join us for this informative webinar.
The program is provided as a complimentary service to clients and friends of Alston & Bird. CLE credit is provided for Georgia, Texas, California, New York, Pennsylvania, and Missouri. Additional states may be available upon request.
Questions? Contact Maya Williams at firstname.lastname@example.org or 404.881.7484