Westlaw Topical Highlights: Securities, January 15, 2015

January 15, 2015

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.

Class Actions: Investor was excused from PSLRA’s timeliness requirements for filing motion for appointment as lead counsel.  Reitan v. China Mobile Games & Entertainment Group, Ltd. 2014 WL 6491433 (S.D.N.Y.) A corporate investor was excused from the Private Securities Litigation Reform Act’s timeliness requirements for filing a motion for appointment as lead plaintiff in consolidated putative securities fraud class actions. It had originally filed a timely lead plaintiff motion before withdrawing that motion because another movant’s losses appeared to be larger. Its second motion, though untimely, did not seek to manipulate its alleged financial losses. Allowing it to make a new lead plaintiff motion would not offend the policy goals that Congress hoped to achieve in passing the PSLRA, since the investor was currently the moving plaintiff with the greatest financial losses. Finally, excepting the investor from the PSLRA’s timeliness requirement would not create significant delays in the District Court’s ability to decide the case. 2014 WL 6491433 (The full-text of the rest of the Topical Highlights is available within Westlaw Next, subscription required).

Class Actions: Court could not order cy pres distribution where further distribution to classes was feasible.  In re BankAmerica Corp. Securities Litigation 2015 WL 110334 (C.A.8 (Mo.))

Fraud: Failure to make disclosures required by SEC regulation supported securities fraud claim.  Stratte-McClure v. Morgan Stanley 2015 WL 136312 (C.A.2 (N.Y.))

Fraud: Court construes “by means of” requirement in Massachusetts Blue Sky Law. In re Access Cardiosystems, Inc. 2015 WL 150348 (C.A.1 (Mass.))