http://www.lexisnexis.com/mealeys/news.aspx Headline Emerging Securities Litigation Legal News from LexisNexis® en-us http://www.lexisnexis.com/mealeys/images/lexismealeyslogo.gif 130 29 http://www.lexisnexis.com/mealeys/news.aspx Copyright 2020 http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%201%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' PHOENIX - Energy company First Solar Inc. will pay $350 million to settle securities class action claims that it and several of its current and former executive officers concealed manufacturing defects with the company's solar panel products from investors, causing First Solar's stock to trade at an artificially high rate, the company announced in a Jan. 6 press release (Mark Smilovits v. First Solar Inc., et al., No. 12-555, D. Ariz.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%202%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' LOS ANGELES - A federal judge in California on Dec. 20 ruled that the lead plaintiff in a securities class action lawsuit against a Chinese e-commerce company and certain of its senior executives failed to sufficiently plead that the defendants issued any material misrepresentations or omissions in violation of federal securities laws concealing that the company was operating an illegal pyramid scheme (Daniel Kaufman v. Natural Health Trends Corp., et al., No. 19-163, C.D. Calif., 2019 U.S. Dist. LEXIS 222672). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%203%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A federal district court correctly dismissed federal securities law claims in a shareholder class action against online hotel booking company Trivago N.V. and others in connection with a series of misstatements and omissions the defendants allegedly made leading up to and after the company's initial public offering (IPO) because the defendants sufficiently "satisfied their legal disclosure obligations," a Second Circuit U.S. Court of Appeals panel ruled Dec. 16 (Dharmanand Shetty v. Trivago N.V., et al., No. 19-0766, 2nd Cir., 2019 U.S. App. LEXIS 37026). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%204%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' SAN DIEGO - A federal judge in California on Dec. 20 denied a motion for preliminary approval of a securities class action settlement between lead plaintiffs and a biopharmaceutical company and certain of its current and former senior executives, ruling that the proposed $900,000 settlement suffers from a number of deficiencies pertaining to its release of claims and proposed notice (In re Regulus Therapeutics Inc. Securities Litigation, No. 17-182, S.D. Calif., 2019 U.S. Dist. LEXIS 219125). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%205%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A split Second Circuit U.S. Court of Appeals panel on Dec. 30 ruled that the federal wire fraud, securities fraud and conversion statutes do in fact "reach misappropriation of a government agency's confidential nonpublic information relating to its contemplated rules" (United States of America v. David Blaszczak, et al., Nos. 18-2811, 18-2825, 18-2867 and 18-2878, 2nd Cir., 2019 U.S. App. LEXIS 38662). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%206%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' PHILADELPHIA - Government prosecutors provided sufficient evidence to support a jury's finding that a defendant was an investment adviser when it convicted him of three counts for his role in an investment fraud scheme, a Third Circuit U.S. Court of Appeals panel ruled Dec. 12 (United States of America v. Louis F. Petrossi, No. 18-3454, 3rd Cir, 2019 U.S. App. LEXIS 36975). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%207%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' ATLANTA - In an unpublished per curiam opinion, an 11th Circuit U.S. Court of Appeals panel on Jan. 3 ruled that a federal district court did not err in denying a defendant's motions to vacate a judgment against him stemming from a failed golf course and resort development financing project in the Bahamas because he failed to comply with statutory requirements that he "diligently pursue his rights" (A&F Bahamas LLC v. World Venture Group Inc., et al., No. 19-12103, 11th Cir., 2020 U.S. App. LEXIS 47). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%208%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' WILMINGTON, Del. - Investors have failed to sufficiently plead falsity, scienter and the existence of a fiduciary duty in alleging that Barclays Bank PLC misrepresented its relationship with an independent investment solutions firm in violation of federal securities law and common law, which caused the investors to lose their $2.5 million investment in the firm, a federal judge in Delaware ruled Jan. 9 (Keystone Associates LLC, et al. v. Barclays Bank PLC, No. 19-796, D. Del., 2020 U.S. Dist. LEXIS 3475). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%209%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - An emergency motion by the Securities and Exchange Commission to compel unredacted bank records from a firm accused of securities registration violations was denied Jan. 6 by a New York federal judge, who indicated, however, that review of the records will ultimately occur (Securities and Exchange Commission v. Telegram Group Inc., et al., No. 1:19-cv-09439, S.D. N.Y., 2020 U.S. Dist. LEXIS 3111). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%2010%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' BOSTON - A federal district court correctly ruled that a bankruptcy trustee failed to state a claim for relief in challenging a Securities and Exchange Commission settlement with an investment adviser firm for violations of federal securities law because the firm's offer of settlement expressly waived judicial review by any court, a First Circuit U.S. Court of Appeals panel ruled Dec. 20 (Craig R. Jalbert v. U.S. Securities and Exchange Commission, No. 18-2043, 1st Cir., 2019 U.S. App. LEXIS 38036). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%2011%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A Second Circuit U.S. Court of Appeals panel on Dec. 19 ruled that the Securities and Exchange Commission did not err in denying a broker-dealer's application to remove bar provisions of a consent order because the SEC's denial was not "'arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with the law'" (Brett Thomas Graham v. United States Securities and Exchange Commission, No. 18-3386, 2nd Cir., 2019 U.S. App. LEXIS 38058). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%2012%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' ATLANTA - An 11th Circuit U.S. Court of Appeals panel on Dec. 30 ruled that an investment adviser may not file a lawsuit challenging the Securities and Exchange Commission's filing of administrative proceedings against him because allowing such action would allow him to impermissibly "bypass the SEC statutory scheme by filing a collateral action in federal district court" (Christopher M. Gibson v. Securities and Exchange Commission, et al., No. 19-11969, 11th Cir., 2019 U.S. App. LEXIS 38635). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%2013%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A Second Circuit U.S. Court of Appeals panel on Dec. 17 ruled that a federal district court did not err in granting the Securities and Exchange Commission's motion for summary judgment in an civil enforcement action stemming from an alleged insider trading scheme because the SEC provided "unrebutted evidence" that showed that an analysts trades based on inside information "were unlawful" (Securities and Exchange Commission, et al. v. John Afriyie, No. 19-17, 2nd Cir., 2019 U.S. App. LEXIS 37856). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%2014%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' ST. LOUIS - A federal district court erred in dismissing a securities fraud lawsuit stemming from a failed business relationship for lack of personal jurisdiction because two of the Calder v. Jones factors support a finding a personal jurisdiction, while the other three are "more neutral," an Eighth Circuit U.S. Court of Appeals panel ruled Jan. 7 (Justin Whaley, et al. v. Jimmy Esebag, et al., No. 18-3236, 8th Cir., 2020 U.S. App. LEXIS 255). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%2015%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' SAN FRANCISCO - A federal district court did not err in ruling that a lead plaintiff in a securities class action lawsuit against a developer and manufacturer of electronic design automation (EDA) products and certain of its senior executives failed to plead scienter in pleading that the defendants misrepresented the company's financial condition and growth prospects, a Ninth Circuit U.S. Court of Appeals panel ruled Dec. 18 (Western Pennsylvania Electrical Employees' Pension Fund v. Mentor Graphics Corp., et al., No. 18-35693, 9th Cir., 2019 U.S. App. LEXIS 37518). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%2016%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' WASHINGTON, D.C. - The Securities and Exchange Commission has not been granted the power by Congress to seek disgorgement in civil enforcement actions and has instead been granted "other specific enforcement tools" that include civil monetary penalties, petitioners argue in a Dec. 16 petitioners' brief filed with the U.S. Supreme Court (Charles C. Liu, et al. v. Securities and Exchange Commission, No. 18-1501, U.S. Sup., 2019 U.S. S. CT. BRIEFS LEXIS 7539). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%2017%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' COLUMBIA, S.C. - Lead plaintiffs in a securities class action against a gas and electric utility company and certain of its current and former executive officers and directors asked a federal judge in South Carolina on Jan. 7 to grant preliminary approval of a $192.5 million settlement stemming from the defendants' alleged misrepresentations pertaining to a nuclear reactor construction project at the V.C. Summer nuclear generating station in South Carolina (In re SCANA Corp. Securities Litigation, No. 17-2616, D. S.C.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%2018%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' RICHMOND, Va. - Parties in a securities class action lawsuit alleging that Under Armour Inc. and its CEO concealed the company's decline in demand for its apparel in violation of federal securities laws recently asked a Fourth Circuit U.S. Court of Appeals panel to determine whether a federal district court erred in dismissing shareholder claims as time-barred and for failure to properly plead falsity and scienter (In re: Under Armour Securities Litigation, No. 19-2032, 4th Cir.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%2019%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' ATLANTA - A federal district court erred in dismissing a shareholder class action against a beverage maker and certain of its senior executives because it failed to follow a U.S. Supreme Court mandate that it accept the shareholder's facts alleged as true at the motion to dismiss stage of the litigation and draw all inferences in favor of the shareholder as plaintiff, the shareholder argues in a Dec. 9 appellant brief filed in the 11th Circuit U.S. Court of Appeals (Thomas W. Luczak v. National Beverage Corp., et al., No. 19-14081, 11th Cir.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%2020%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A federal district court erred in ruling, inter alia, that the Securities and Exchange Commission possessed the necessary authority to enforce the suspicious activity reporting (SAR) requirements of the Bank Security Act (BSA) against a clearing firm for its alleged mishandling of its BSA compliance program in violation of federal securities law, the clearing firm argues in a Jan. 6 appellant brief filed in the Second Circuit U.S. Court of Appeals (United States Securities and Exchange Commission v. Alpine Securities Corp., No. 19-3272, 2nd Cir.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%2021%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' BOSTON - Massachusetts' lawsuit against Exxon Mobil Corp. over the company's marketing of its Synergy gasoline and "green" motor oil should be remanded because the action does not raise federal issues, the state says in a Dec. 26 motion to remand (Massachusetts v. Exxon Mobil Corp., No. 19-12430, D. Mass.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%2022%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' CHICAGO - An investor sued utility company Exelon Corp. and several of its senior executives in Illinois federal court on Dec. 16, alleging that the defendants issued a series of misrepresentations concealing the company's involvement in unlawful lobbying activities in violation of federal securities law (Joshua Flynn v. Exelon Corp., et al., No. 19-8209, N.D. Ill.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%2023%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' SAN FRANCISCO - An investor in e-cigarette maker JUUL Labs Inc. filed a shareholder derivative and minority shareholder class action lawsuit in California state court on Jan. 6, alleging that certain of the company's current and former executive officers and directors have breached their fiduciary duty and were unjustly enriched at the expense of minority shareholders through their management of the company (Daniel Grove v. Adam Bowen, et al., No. CGC-20-582059, Calif. Super., San Francisco Co.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-7%20Mealey%27s%20Emerg.%20Securities%20Litig.%2024%20(2020)&view=full&ORIGINATION_CODE=00144 target='_blank' CINCINNATI - An investor sued uniform and related business services provider Cintas Corp. and certain of its senior executives in Ohio federal court on Dec. 12, alleging that the defendants misrepresented the company's business and financial condition in violation of federal securities laws following its acquisition of another company (David Stafford v. Cintas Corp., et al., No. 19-1054, S.D. Ohio). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%201%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' SANTA ANA, Calif. - A federal judge in California on Dec. 4 granted preliminary approval of a $19.75 million securities class action settlement against a financial institution stemming from alleged misrepresentations it made concealing its connection to a convicted fraudster and Ponzi scheme operator (In re Banc of California Securities Litigation, No. 17-0118, C.D. Calif., 2019 U.S. Dist. LEXIS 145361). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%202%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' LOS ANGELES - A federal judge in California on Nov. 19 granted final approval of a $1.15 million securities class action settlement against a drug maker, certain of its current and former officers and directors and others over their alleged involvement in an illegal stock-pumping scheme (Arthur Kaye IRA FCC, et al. v. ImmunoCellular Therapeutics Ltd., et al., No. 17-3250, C.D. Calif., 2019 U.S. Dist. LEXIS 201657). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%203%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 18 declined review of the Second Circuit U.S Court of Appeals' holding addressing the correctness of a "no ultimate harm" (NUH) jury instruction in the conviction of former pharmaceutical company CEO and hedge fund manager Martin Shkreli on charges that he bilked investors of millions of dollars in investments (Martin Shkreli v. United States of America, No. 19-495, U.S. Sup.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%204%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A Second Circuit U.S. Court of Appeals panel on Dec. 3 ruled that although evidence provided by government prosecutors in a criminal trial against two alleged securities fraudsters was sufficient and a federal judge's jury instruction and jury charges were not erroneous, a district court abused its discretion in ordering the defendants to pay more than $18 million in restitution pursuant to the Mandatory Victims Restitution Act of 1996 (MVRA) because the defendants did not proximately cause the financial losses totaling that amount (United States v. Pablo Calderon, et al., Nos. 17-1956, 17-1969, 17-2844 & 17-2866, 2nd Cir., 2019 U.S. App. LEXIS 35827). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%205%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - The Office of the Attorney General (AG) of New York failed to sufficiently plead that Exxon Mobil Corp. engaged in a years-long scheme to misrepresent the risk of climate change regulations to investors in violation of the Martin Act and other New York law, a New York justice ruled Dec. 10 (People of the State of New York v. Exxon Mobil Corp., No. 452044/2018, N.Y. Sup., New York Co.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%206%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' CINCINNATI - A Sixth Circuit U.S. Court of Appeals panel on Dec. 10 ruled that evidence provided at the trial of a man convicted on charges that he bilked investors out of millions of dollars as part of a multipart investment fraud scheme was sufficient to convict him on charges of conspiracy to commit wire, mail and securities fraud (United States of America v. Ronnie C. Rodgers, No. 19-5065, 6th Cir., 2019 U.S. App. LEXIS 36500). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%207%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' PHILADELPHIA - A federal district court did not abuse its discretion in admitting evidence in a trial against an alleged securities fraudster showing that he life an extravagant lifestyle because the court's analysis of the evidence was not in the abstract as the fraudster argues on appeal, a Third Circuit U.S. Court of Appeals panel ruled Dec. 2 (United States v. Nicholas Lattanzio, No. 18-2682, 3rd Cir., 2019 U.S. App. LEXIS 35888). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%208%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' WILMINGTON, Del. - A federal judge in Delaware on Dec. 10 referred to a magistrate judge motions pending in a securities class action against the Chemours Co. related to allegations that it concealed the true nature of its liabilities related to litigation it faces for injuries caused by exposure to perfluorooctanoic acid, also called C8, among other per- and polyfluoroalkyl substances (PFAS). The specific motions pertain to which party should be the lead plaintiff in the case (In re: The Chemours Company Securities Litigation, No. 19-1911, D. Del.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%209%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' DENVER - A federal district court did not err in granting the Securities and Exchange Commission prejudgment interest in addition to the more than $5 million in disgorgement it sought for a defendant's alleged violations of the Investment Company Act (ICA) and federal securities laws as part of a securities fraud scheme, a 10th Circuit U.S. Court of Appeals panel ruled Dec. 6 in affirming (Securities and Exchange Commission v. Charles R. Kokesh, No. 19-2000, 10th Cir., 2019 U.S. App. LEXIS 36296). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2010%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' BOSTON - A federal jury properly found a real estate investor guilty of insider-trading securities fraud based on inside information he received from his wife, a corporate insider, and provided to two friends because government prosecutors presented sufficient evidence that the defendant shared a "history, pattern, or practice of sharing confidences" with his wife, a First Circuit U.S. Court of Appeals panel ruled Nov. 22 (United States v. Amit Kanodia, Nos. 17-1137 and 17-1590, 1st Cir.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2011%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A federal district court did not err in dismissing federal securities law claims in an investor class action against poultry processing company and certain of its executive officers stemming from their alleged involvement in two antitrust conspiracies designed to drive up the price of broiler chickens because in stating their claims, shareholders failed to plead facts in support of the underlying antitrust activity with the requisite particularity, a Second Circuit U.S. Court of Appeals panel ruled Dec. 10 (Gordon Gamm, et al. v. Sanderson Farms Inc., et al., No. 18-0284, 2nd Cir., 2019 U.S. App. LEXIS 36498). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2012%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW ORLEANS - A Fifth Circuit U.S. Court of Appeals panel on Nov. 25 affirmed a federal district court's dismissal of a pro se complaint seeking review of a Financial Industry Regulatory Authority (FINRA) order, ruling that because the pro se plaintiff failed to properly address the jurisdictional ground on which his complaint was dismissed (Sam Balabon, et al. v. Richard Ketchum, et al., No. 18-50269, 5th Cir., 2019 U.S. App. LEXIS 35456). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2013%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' TOLEDO, Ohio - A federal judge in Ohio on Nov. 22 ruled that lead plaintiffs in a securities class action against a real estate investment trust (REIT) and certain of its current and former senior executives failed to sufficiently plead that the defendants acted with the requisite scienter under Sixth Circuit U.S. Court of Appeals precedent in alleging that they failed to disclose to investors in violation of federal securities law that the REIT's largest revenue stream was involved in a massive Medicare billing fraud scheme (Boynton Beach Firefighters' Pension Fund v. HCP Inc., No. 16-1106, N.D. Ohio, 2019 U.S. Dist. LEXIS 203180). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2014%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' KNOXVILLE, Tenn. - A federal judge in Tennessee on Dec. 6 overturned his previous ruling denying remand of a pair of related securities class action lawsuits to state court, holding that in light of the U.S. Supreme Court's ruling in Cyan Inc. v. Beaver County Employees Retirement Fund, the actions were improperly removed under the Securities Litigation Uniform Standards Act (SLUSA) (Kenneth Gaynor, et al. v. Deloy Miller, et al., No. 15-545, E.D. Tenn.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2015%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' WEST PALM BEACH, Fla. - Dismissal of securities class action claims against two defendants in a lawsuit stemming from a Ponzi scheme involving the purchase and lending of cryptocurrency is warranted because the lead plaintiffs failed to sufficiently show that those defendants are statutory sellers under Section 12(a) of the Securities Act of 1933, a federal judge in Florida ruled Nov. 15 (In re BitConnect Securities Litigation, No. 18-80086, S.D. Fla., 2019 U.S. Dist. LEXIS 199667). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2016%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' WASHINGTON, D.C. - U.S. Supreme Court review of a federal circuit court's finding of no reversible error in a federal district court's evidentiary rulings and jury instructions in the criminal trial of a medical device company's former CEO for his alleged role in a fraudulent channel-stuffing scheme is warranted to cure a split among the circuits as to the meaning of "obtaining property" in the fraud statutes, the former CEO argues in a Nov. 21 petition for writ of certiorari filed in the U.S. Supreme Court (Michael Baker v. United States of America, No. 19-667, U.S. Sup., 2019 U.S. S. Ct. Briefs LEXIS 6764). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2017%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' SAN FRANCISCO - A federal district court did not err in dismissing federal securities law claims in a shareholder class action lawsuit alleging that a drug maker and its board of directors issued misrepresentations in a recommendation statement for a proposed merger deal lead plaintiffs failed to plead any material misstatements or omissions, scienter or loss causation in making those claims, the defendants argue in a Nov. 22 appellee brief filed in the Ninth Circuit U.S. Court of Appeals (In re: Ocera Therapeutics Inc. Securities Litigation, No. 18-17345, 9th Cir.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2018%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A federal district court erred in dismissing federal securities law claims in an investor class action against a mining company and two of its former senior executives that alleged that the defendants misled investors about the financial profitability of an African coal mining license acquisition despite a "contrary ruling" in a related Securities and Exchange Commission action, a lead plaintiff argues in a Dec. 10 appellant brief filed in the Second Circuit U.S. Court of Appeals (Anton Colbert v. Rio Tinto plc, et al., No. 19-2711, 2nd Cir.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2019%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A federal district court erred in denying a summary judgment motion filed by defendants in a shareholder derivative lawsuit alleging that they violated federal securities law reporting requirements as beneficial owners of more than 10 percent of a company's stock because they were not subject to liability under Section 16(b) of the Securities Exchange Act of 1934, the defendants argue in a Dec. 10 appellant brief filed in the Second Circuit U.S. Court of Appeals (Brad Packer v. Raging Capital Management LLC, et al., No. 19-2703, 2nd Cir.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2020%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' BOSTON - A federal district court erred in dismissing a lead plaintiff's class action complaint for lack of standing to pursue federal securities law claims against a medical device maker and others stemming from the device maker's alleged failure to disclose U.S. Food and Drug Administration concerns over a spinal-cord injury device the company had sought to market, shareholders argue in a recent appellant brief filed in the First Circuit U.S. Court of Appeals (Wang Yan, et al. v. ReWalk Robotics Ltd., et al., No. 19-1614, 1st Cir.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2021%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - Dismissal of claims in a securities class action lawsuit brought against telecommunications giant AT&T Inc., several of its senior executives and its directors is necessary because shareholders have failed to plead any facts necessary to sustain their federal securities law claims in alleging that the defendants concealed the company's true business and financial condition in connection with its launch of its internet-based TV streaming platform, the defendants argue in a Nov. 18 motion to dismiss filed in New York federal court (In re AT&T/DirectTV Now Securities Litigation, No. 19-2892, S.D. N.Y.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2022%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' BOSTON - Removal of a lawsuit brought by Massachusetts Attorney General Maura Healey against Exxon Mobil Corp. for alleged violations of the state's consumer protection law based on its misrepresentations to consumers and investors concealing the risks of fossil fuel-driven climate change to Exxon's business is warranted because although Healey's claims are brought under state law, the complaint actually states claims that deal with federal law, Exxon argues in a Nov. 29 removal notice filed in Massachusetts federal court (Commonwealth of Massachusetts v. Exxon Mobil Corp., No. 19-12430, D. Mass.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2023%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' TRENTON, N.J. - Several current and former Exxon Mobil Corp. senior executives breached their fiduciary duty by concealing the material risks that climate change posed to the gas and oil company's business in order to allow Exxon to increase short-term profits and artificially inflate its stock price, assets and revenue, an investor alleges in a shareholder derivative complaint filed Dec. 2 in a New Jersey federal court (City of Birmingham Retirement and Relief System v. Rex W. Tillerson, et al., No. 19-20949, D. N.J.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2024%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' BROOKLYN, N.Y. - A shareholder sued a manufacturer of cigarettes and smokeless products on Dec. 2 in New York federal court, alleging that the company and two of its senior executives violated federal securities laws by failing to conduct sufficient due diligence before making a nearly $13 billion investment in e-vapor products manufacturer JUUL Labs Inc. (Patrick F. Cipolla v. Altria Group Inc., et al., No. 19-6774, E.D. N.Y.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2025%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEWARK, N.J. - A shareholder sued a cannabis producer and distributor and several of its senior executives in New Jersey federal court on Nov. 21, alleging that the defendants misrepresented the financial strength of their consumer cannabis revenue in Securities and Exchange Commission reporting documents, conference calls and press releases in violation of federal securities laws (William Wilson v. Aurora Cannabis Inc., et al., No. 19-20588, D. N.J.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2026%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' SAN ANTONIO - A group of institutional investors in a hydraulic fracturing services company on Nov. 22 filed a brief in Texas federal court contending that they should be appointed as the lead plaintiff in a securities class action lawsuit against the company in which the shareholders say the company violated federal law when it failed to disclose certain issues in documents it filed with the Securities and Exchange Commission in preparation for an initial public offering (IPO) (Richard Logan v. ProPetro Holding Corp., et al., No. 19-217, W.D. Texas). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-6%20Mealey%27s%20Emerg.%20Securities%20Litig.%2027%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A stockholder in a hydraulic fracturing company on Nov. 19 sued that company in New York federal court contending that it violated federal securities laws when it proposed a merger with another fracking company because the federal registration statement related to the deal contained "materially incomplete and misleading information" (Kelly Small v. Jagged Peak Energy Inc., et al., No. 19-10698, S.D. N.Y.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%201%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 1 granted review of a federal appellate court's ruling in a Securities and Exchange Commission enforcement action holding that the SEC may seek disgorgement in addition to injunctive relief and a civil monetary penalty (Charles C. Liu, et al. v. Securities and Exchange Commission, No. 18-1501, U.S. Sup.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%202%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW ORLEANS - The U.S. Supreme Court's ruling in Kokesh v. SEC did not overrule the Fifth Circuit U.S. Court of Appeals' established precedent recognizing that federal district courts have the authority to order disgorgement in Securities and Exchange Commission enforcement proceedings, a Fifth Circuit panel ruled Nov. 5 (Securities and Exchange Commission v. Team Resources Inc., et al., No. 18-10931, 5th Cir., 2019 U.S. App. LEXIS 33106). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%203%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 4 declined review of an alleged Ponzi scheme operator's appeal of a federal circuit court's upholding of a lower court's grant of a preliminary injunction in a securities lawsuit (Charles D. Scoville v. Securities and Exchange Commission, No. 18-1566, U.S. Sup.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%204%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' TAMPA, Fla. - A federal judge in Florida on Nov. 4 ruled that lead plaintiffs in a securities class action against a developer and distributor of short-term "medical discount plans" and two of its senior executives have sufficiently pleaded an actionable misstatement or omission and scienter in making their federal securities law claims (Julian Keippel v. Health Insurance Innovations Inc., et al., No. 19-421, M.D. Fla., 2019 U.S. Dist. LEXIS 191123). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%205%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A Second Circuit U.S. Court of Appeals panel on Nov. 6 ruled that a federal district court correctly found that lead plaintiffs in a securities class action lawsuit against an engineered products manufacturer and certain of its current and former executive officers failed to plead any actionable misstatements or omissions regarding a possible spin-off of its vehicle business after a merger in making their federal securities law claims (South Carolina Retirement Systems Group Trust, et al. v. Eaton Corp. PLC, et al., No. 18-2450, 2nd Cir., 2019 U.S. App. LEXIS 33149). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%206%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEWARK, N.J. - A federal judge in New Jersey on Nov. 12 ruled that lead plaintiffs in a securities class action lawsuit brought against a biopharmaceutical company that develops hematology and oncology therapeutics and certain of its current and former executive officers regarding their marketing and sale of the company's fentanyl-based cancer treatment drug have failed to plead any actionable misrepresentations in making their federal securities law claims (In re Galena Biopharma Inc. Securities Litigation, No. 17-929, D. N.J., 2019 U.S. Dist. LEXIS 196297). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%207%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' BOSTON - Dismissal of claims in a shareholder class action lawsuit against a biopharmaceutical company and two of its senior executives is necessary because a shareholder failed to plead any material misrepresentations or omissions in arguing that the defendants concealed that the company lacked adequate cash to fund existing operations and would require it to seek further funding through secondary stock offerings, a federal judge in Massachusetts ruled Nov. 13 (LSI Design and Integration Corp. v. Tesaro Inc., et al., No. 18-12352, D. Mass., 2019 U.S. Dist. LEXIS 196346). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%208%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW ORLEANS - Evidence in an insider trading trial was sufficient to establish that an alleged insider possessed and disclosed material, nonpublic information to her co-conspirators in the scheme and acted with the requisite scienter, a Fifth Circuit U.S. Court of Appeals panel ruled Oct. 31 (United States of America v. Tinghui Xie, No. 18-31299, 5th Cir., 2019 U.S. App. LEXIS 32661). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%209%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' CHICAGO - A Seventh Circuit U.S. Court of Appeals panel on Nov. 8 ruled that a federal district court's assessment of a civil penalty against a defendant for his role in an illegal pump-and-dump and insider trading scheme was proper because although the defendant cooperated with government agencies in blowing the whistle on the fraud scheme against the company for which he worked, he has failed to admit any wrongdoing on his part for insider trading (Securities and Exchange Commission v. Gary S. Williky, No. 19-1243, 7th Cir., 2019 U.S. App. LEXIS 33526). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2010%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' SAN JOSE, Calif. - A federal judge in California on Oct. 18 ruled that although the lead plaintiff in a securities class action against a medical technology company the develops and sells a hair restoration procedure robotic device failed to plead a material misrepresentation with regard to certain allegations made in support of its federal securities law claim, he sufficiently pleaded falsity in support of others (In re Restoration Robotics Inc. Securities Litigation, No. 18-3712, N.D. Calif., 2019 U.S. Dist. LEXIS 181030). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2011%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A Second Circuit U.S. Court of Appeals panel on Nov. 8 ruled that the Securities and Exchange Commission did not err in denying whistleblower awards to three parties in exchange for information they provided to the commission as part of an investigation into securities fraud claims against Deutsche Bank AG (DB) because the SEC correctly determined that the information they provided did not meet the statutory guidelines for such awards (Colin Kilgour, et al. v. United States Securities and Exchange Commission, Nos. 18-1124 and 18-1127, 2nd Cir., 2019 U.S. App. LEXIS 33445). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2012%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A federal district court's jury instructions on an attorney's duty to disclose and its failure to identify the attorney's client, as well as its omission of language on market manipulation were not erroneous, a Second Circuit U.S. Court of Appeals panel ruled Oct. 30 in upholding the conviction of former Retrophin Inc. attorney and alleged Martin Shkreli co-conspirator Evan Greebel (United States v. Evan Greebel, No. 18-2667-cr, 2nd Cir., 2019 U.S. App. LEXIS 32452). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2013%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' RICHMOND, Va. - A federal district court did not err in convicting two defendants charged with operating an accounting fraud scheme because it properly relied on substantial evidence as to each count of conviction in reaching its conclusion, a Fourth Circuit U.S. Court of Appeals panel ruled Nov. 5 (United States v. Michael Kipp, No. 18-4355 and United States v. Joanne Viard, No. 18-4366, 4th Cir., 2019 U.S. Dist. LEXIS 33041). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2014%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' TRENTON, N.J. - A federal judge in New Jersey on Oct. 21 consolidated two securities fraud lawsuits against the 3M Co. and appointed a group of investors as the lead plaintiffs against the company for allegedly issuing false and misleading statements to conceal the truth about the company's exposure to liability associated with per- and polyfluoroalkyl substances (Heavy & General Laborers' Locals 472 & 172 Welfare Fund v. 3M Company, et al., No. 19-15982, D. N.J.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2015%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A Second Circuit U.S. Court of Appeals panel on Nov. 5 ruled that a federal district court did not abuse its discretion in dismissing an investor suit against a mining company and its CEO based on international comity because the company's Canadian bankruptcy proceeding was a parallel action and the district court did not ignore Second Circuit precedent that requires a showing of "exceptional circumstances" (EMA GARP Fund LP, et al. v. Banro Corp., et al., No. 19-662, 2nd Cir., 2019 U.S. App. LEXIS 33005). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2016%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' CINCINNATI - A Sixth Circuit U.S. Court of Appeals panel on Oct. 23 denied a petition for permission to appeal in a securities class action lawsuit against for-profit hospital operator Community Health Systems Inc. (CHS) and two of its senior officers, ruling that a federal district court did not abuse its discretion in granting a motion for class certification filed by lead plaintiffs (In re Community Health Systems Inc., et al., No. 19-0509, 6th Cir.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2017%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NASHVILLE, Tenn. - Although shareholders have standing to bring their derivative claims on behalf of a fitness benefit program broker, they have failed to show that demand was futile, a federal judge in Tennessee ruled Oct. 21 in dismissing the amended shareholder derivative complaint (In re Tivity Health Inc. Stockholder Derivative Litigation, No. 18-0087, M.D. Tenn., 2019 U.S. Dist. LEXIS 182603). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2018%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' SAN JOSE, Calif. - A federal judge in California on Oct. 29 ruled that the lead plaintiff in a securities class action lawsuit against a manufacturer of dental aligners and certain of its executive officers has engaged in unallowable "puzzle pleading" by failing to specify which alleged misrepresentations made by the defendants are indeed actionable under federal securities law (Xiaojiao Lu, et al. v. Align Technology Inc., et al., No. 18-6720, N.D. Calif., 2019 U.S. Dist. LEXIS 188384). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2019%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' ATLANTA - A company engaged in selling and managing multiple "fuel card" programs and two of its senior officials will pay $50 million to settle claims that they engaged in predatory and exploitive sales practices that artificially inflated the company's stock price in violation of federal securities laws, according to a motion for preliminary approval of settlement filed Nov. 7 in Georgia federal court (City of Sunrise General Employees' Retirement Plan v. FleetCor Technologies Inc., et al., No. 17-2207, N.D. Ga.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2020%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' BOSTON - A federal judge in Massachusetts erred in ruling that lead plaintiffs in a securities class action lawsuit against a biopharmaceutical company and certain of its executive officers failed to sufficiently plead the elements of their federal securities law claims because the defendants' statements to investors were fraudulent and materially misleading, the lead plaintiffs argue in an Oct. 23 appellant brief filed in the First Circuit U.S. Court of Appeals (Kavita Mehta, et al. v. Ocular Therapeutix Inc., et al., No. 19-1557, 1st Cir.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2021%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A dealer of commercial mortgage-backed securities (CMBS) for Nomura Securities International Inc. is entitled to summary judgment on claims that he issued a series of false statements to investors during purchase and sale negotiations regarding the pricing of the CMBS because his statements were not fraudulent under federal securities laws, the dealer argues in an Oct. 20 summary judgment motion filed in New York federal court (Securities and Exchange Commission v. James H. Im, No. 17-3613, S.D. N.Y.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2022%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' TRENTON, N.J. - The lead plaintiff in a securities class action lawsuit against a former biotech company, several of its current and former officers and directors and others has failed to sufficiently state a claim for relief in arguing that the defendants engaged in a pump-and-dump scheme in violation of federal securities laws because the lead plaintiff's reliance on "'47 exhibits' falling outside the four corners" of his amended complaint highlights his "multiple pleading deficiencies," several of the defendants argue in an Oct. 22 reply brief filed in New Jersey federal court in support of their motions to dismiss (Creighton Takata v. Riot Blockchain Inc., et al., No. 18-2293, D. N.J.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2023%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NASHVILLE, Tenn. - Dismissal of federal securities law claims against a manufacturer of wood pellet plants and certain of its current and former senior executives is warranted because a lead plaintiff has failed to sufficiently plead any material misrepresentations or scienter in alleging that the defendants concealed significant operational issues at two of its plants it manufactured, the defendants argue in an Oct. 25 motion to dismiss filed in Tennessee federal court (City of Taylor General Employees Retirement System v. Astec Industries Inc., et al., No. 19-0024, E.D. Tenn.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2024%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' SAN FRANCISCO - A shareholder lacks standing to bring federal securities law claims against a platform provider of a business technology platform, certain of its executive officers and members of its board of directors because he is unable to trace the company shares he purchased to any false or misleading registration statement, defendants argue in a Nov. 8 motion to dismiss filed in California federal court (Tyler Dennee v. Slack Technologies Inc., et al., No. 19-5857, N.D. Calif.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2025%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' BOSTON - Massachusetts Attorney General Maura Healey sued ExxonMobil Corp. in Massachusetts state court on Oct. 24, arguing that the oil and gas company engaged in deceptive advertising to the state's consumers and issued misrepresentations to investors in Massachusetts concealing the risks posed to ExxonMobil's business and financial condition by fossil fuel-driven climate change (Commonwealth of Massachusetts v. Exxon Mobil Corp., No. 19-3333, Mass. Super., Suffolk Co.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2026%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' NEW YORK - A shareholder of an autologous cell and gene therapy company sued the company and its board of directors in New York federal court on Nov. 11, seeking to enjoin a shareholder vote on a planned merger agreement until the defendants provide their investors with information pertaining to the deal that was omitted from Securities and Exchange Commission documents (Allan Burnaska v. Fibrocell Science Inc., et al., No. 19-10450, S.D. N.Y.). http://www.lexis.com/research/xlink?canceldest=form&keyenum=25271&keytnum=0&searchtype=get&search=18-5%20Mealey%27s%20Emerg.%20Securities%20Litig.%2027%20(2019)&view=full&ORIGINATION_CODE=00144 target='_blank' SAN FRANCISCO - Zendesk Inc. and several of its senior executive officers concealed the company's exposure to a massive data breach that affected more than 10,000 customers in addition to failing to disclose its poor financial condition in several international markets in violation of federal securities laws, a shareholder argues in an Oct. 24 complaint filed in California federal court (Charles Reidinger v. Zendesk Inc., et al., No. 19-6968, N.D. Calif.).