In Friedman v. Endo International PLC, No. 16-CV-3912 (JMF), 2018 BL 13320 (S.D.N.Y. Jan. 16, 2018), Endo International PLC (“Endo”) and its executive officers, Rajiv De Silva, Suketu Upadhyay, and Paul Campanelli (collectively “Defendants”), moved to dismiss the Third Amended Complaint of Craig Friedman, individually and on behalf of others similarly situated (collectively “Plaintiffs”), alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 thereunder. The United States District Court for the Southern District of New York granted Defendants’ motion to dismiss.
Read MoreIn Perez v. Higher One Holdings, Inc., No. 3:14-cv-755 (D. Conn. Sept. 25, 2017), the United States District Court for the District of Connecticut granted in part and denied in part Higher One Holdings, Inc. (“Higher One”) and its current or former officers, Mark Volcheck, Christopher Wolf, Jeffrey Wallace, Miles Lasater, Dean Hatton, and Patrick McFadden’s (collectively “Defendants”) motion to dismiss the Second Amended Class Action Complaint of Brian Perez and Robert E. Lee, individually and on behalf of other similarly situated investors (collectively “Plaintiffs”), alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 thereunder.
Read MoreIn QUALCOMM, Incorporated, 2017 BL 441240 (Dec. 8, 2017), QUALCOMM, Inc. (“QUALCOMM”) asked the staff of the Securities and Exchange Commission (“SEC”) to permit the omission of a proposal submitted by James McRitchie (“Shareholder”) to remove each voting requirement in QUALCOMM’s charter and bylaws that called for a greater than simple majority vote. The SEC issued the requested no action letter allowing for the exclusion of the proposal from QUALCOMM’s proxy statement under Rule 14a-8(i)(10).
Read MoreIn Desta v. Wins Fin. Holdings Inc. Et. Al., No. 17-cv-02983-CAS(AGRx), 2018 BL 70590 (C.D. Cal. Feb. 28, 2018), the United States District Court for the Central District of California denied Wins Finance Holdings Inc. (“Wins”), and Wins Co-CEO Jianming Hao, Co-CEO and COO Renhui Mu, and CFO Junfeng Zhao’s, (collectively the “Defendants”) motion to dismiss Michael Desta’s (“Plaintiff”) complaint for failure to state a claim for securities fraud pursuant to Section 10(b) of the Securities Exchange Act, 15 U.S.C. § 78j(b), and Rules 10b– 5(a) and (c) under, 17 C.F.R. § 240.10b–5(a) & (c). The court held that the Plaintiff alleged sufficient facts to show the elements of falsity, scienter, loss causation, and reliance under the Act, such that a proper claim was pleaded.
Read MoreIn City Trading Fund v. Nye, 2018 BL 44689, (Sup. Ct. Feb. 08, 2018), the Supreme Court of New York denied City Trading Fund’s (“Shareholder”) motion, on behalf of themselves and other similarly situated stockholders, for final approval of their settlement with Martin Marietta Materials, Inc. (“Company”), the Company’s individually named directors, and Texas Industries, Inc. (“Texas Industries”), after the Shareholder alleged the Company breached its fiduciary duties to stockholders by making material misstatements and omissions in the proxy materials provided to stockholders in preparation for a vote on the Company’s proposed merger with Texas Industries.
Read MoreIn Hawkins v. Borsy, No. 1:05-cv-1256–LMB-JFA, 2018 WL 793599 (E.D. Va. Feb. 8, 2018), the United States District Court for the Eastern District of Virginia granted corporate affiliates (“Respondents”) of MediaTechnik Kft. (“MediaTechnik”) motion to vacate, the district court’s decision granting William Hawkins (“Hawkins”), Eric Keller, Thomas Zato, Kristof Gabor, and Justin Panchley (collectively, “Plaintiffs”) default judgment against Laszlo Borsy (“Borsy”), Mediaware Corporation (“Mediaware”), MediaTechnik, i-TV, and Peterfia Kft. (“Peterfia”) (collectively, “Defendants”) for lack of subject matter jurisdiction.
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