Westlaw Topical Highlights: Securities, September 12, 2013

September 12, 2013

To match analysis CHINA-IPO/Topical Highlights for Securities provides summaries of significant federal and state judicial decisions and legislative and administrative activities affecting Securities law. A Westlaw subscription is required to access the documents linked from this page

Fraud: Statements by Netflix officers about profitability of streaming did not support securities fraud claim. Public statements by Netflix representatives about potential the profitability of the corporation’s internet streaming services and the effect of streaming on the corporation’s margins were not false and misleading, so as to support a securities fraud claim. None of the statements supported investors’ theory that the representatives withheld discrete and accurate financial information about streaming while also touting streaming’s profitability. 2013 WL 4479255   (The full-texts of the rest of the Topical Highlights are available within Westlaw Next, subscription required)

Fraud: SEC adequately alleged domestic securities transaction, as required to state securities fraud claim under transactional test.  U.S. S.E.C. v. Chicago Convention Center, LLC 2013 WL 4012638 (N.D.Ill.)

Fraud: Corporation’s ethics brochures and other statements were not actionable misrepresentations or omissions under § 10(b) and Rule 10b-5.  Cement & Concrete Workers District Council Pension Fund v. Hewlett Packard Company 2013 WL 4082011 (N.D.Cal.)