South Carolina Lawyers Weekly
Where shareholders alleged they purchased shares of a technology company at inflated prices because corporate officers made materially misleading statements about the company’s financial health, their suit was dismissed because there was insufficient evidence of scienter. Background Plaintiffs appeal the ...
Read More »Securities – Investment choices were mistakes, not fraud
Where a company that provided mezzanine financing made poor investment choices in 2014 and 2015, plaintiffs failed to show its contemporaneous statements were made with the required scienter and their securities fraud class action was dismissed. Background LifeWise Family Financial ...
Read More »Securities – Fraud – Civil Practice – Class Action – Failed Nuclear Plant
Plaintiff has standing to sue defendants for securities fraud. He bought corporate bonds after defendants issued an official statement outlining generic risk factors inherent in the construction of a nuclear power plant. Plaintiff alleges that, at the time defendants issued ...
Read More »Securities Class action challenging merger revived
Where the complaint plausibly alleged plaintiffs only learned about possibly improper conduct involving a merger within a year of filing suit, the class action was potentially timely; and where plaintiffs plausibly alleged the omission of material facts from proxy documents, ...
Read More »Securities—Proxy statement warnings made omissions immaterial
Where a proxy statement given to shareholders to secure approval for a merger specifically warned that the financial information provided in the statement might be outdated and would not be updated, the shareholders could not claim that the failure to ...
Read More »Securities – Medical reimbursement scheme was material omission
Holding: Investors’ complaint against a medical device company sufficiently alleged violations of § 10(b) of the Securities Exchange Act, claiming that the company’s officers knowingly misrepresented material facts constituting a fraud on the market. Background Appellee TranS1 received approval in 2004 ...
Tagged with: reimbursement
Read More »Social Security – Too Little Credit to Treating Physicians’ Testimony
An administrative law judge for the Social Security Administration improperly discounted medical opinions by a claimant’s treating physicians in favor of testimony by a non-treating physician, the circuit court held. After being injured while using a hammer drill at work, ...
Tagged with: social security
Read More »Securities – Fraud Claim – Scienter – Insufficient Showing – Knowledge of Falsity
Maguire Financial, LP v. PowerSecure International, Inc. (Lawyers Weekly No. 001-198-17, 18 pp.) (Allyson Duncan, J.) 16-2163; Nov. 15, 2017; USDC at Greenville, N.C. (James Dever III, C.J.) 4th Cir. Holding: Plaintiff alleges that defendant’s CEO said defendant had “renewed” ...
Tagged with: Fraud
Read More »Securities – Civil Practice – Class Action Certification – Unique Defense – Class Period
KBC Asset Management NV v. 3D Systems Corp. (Lawyers Weekly No. 002-163-17, 16 pp.) (Mary Geiger Lewis, J.) 0:15-ccv-02393; D.S.C. Holding: Even though defendants made a partial disclosure on July 31, 2014, plaintiff’s subsequent purchases do not subject it to ...
Tagged with: Civil Practice
Read More »Securities – Court Upholds SEC Administrative Enforcement
Bennett v. U.S. Securities and Exchange Comm’n (Lawyers Weekly No. 001-183-16, 31 pp.) (Duncan, J.) No. 15-2584, Dec. 16, 2016; USDC at Greenbelt, Md. (Grimm, J.) 4th Cir. Holding: A district court did not err in dismissing on jurisdictional grounds ...
Tagged with: SEC
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