Kevin LaCroix (LexBlog United States)

2936 results for Kevin LaCroix (LexBlog United States)

  • Pace of Securities Suit Filings in First Half 2022 Slightly Below Last Year’s Annual Level

    The number of securities class action lawsuit filings in the first half of 2022 remained at the lower levels that prevailed last year and below the more elevated levels that prevailed during the period 2017-2020. Though the number of securities class action lawsuit filings in the year’s first six months is below the recent higher...

  • Another Example of ESG-Related Actions Leading to a Securities Lawsuit

    In a recent post, I noted that while companies may face investor and regulator pressure to address ESG-related issues, ESG-related actions can also entail operational and financial risks — and litigation risks, as well. In the latest example of a company whose ESG-motivated actions went awry, leading to securities litigation, Wells Fargo has been sued...

  • Further SPAC-Related Securities Litigation Filings Likely in the Months Ahead?

    According to a new report about SPACs and SPAC-related securities litigation, even though the market for SPAC IPOs may have cooled in recent months, SPAC-related litigation has “yet to heat up.” Indeed, according to the report, litigation involving the 977 SPACs that completed IPOs during the period January 2019 and April 2022 “may continue to...

  • Derivative Suit Alleges SPAC Merged with Company Outside the Targeted Industry

    In an article published last month, the Wall Street Journal chronicled the difficulties that many of the SPACs launched during the SPAC IPO frenzy in late 2020 and early 2021 are having trying to identify a suitable merger target. Many of the SPACs, the article suggested, might be forced to liquidate; still others, the article...

  • The Growing Challenge of Identifying COVID-Related Securities Suits

    In the now more than two-and-a-quarter years since the initial COVID-19 outbreak in the U.S., a significant number of COVID-related securities class action lawsuits have been filed. What is surprising is not that the suits have been filed; rather, it is that even at this late date, the COVID-related suits continue to be filed. As...

  • Can ESG-Motivated Company Actions Lead to Corporate and Securities Litigation?

    ESG is a hot topic. There is a general perception in certain circles – including the D&O insurance community — that ESG awareness and activism are essential  attributes of good corporate citizenship. There is even a perception in certain parts of the D&O insurance community that strong ESG credentials makes individual companies better D&O risks....

  • Sunday Arts: Diva

    There was an art house movie in the early 80’s called “Diva.” The film became something of a cult classic. The complicated plot almost defies short summarization, but at the movie’s center is a unique plot device that is pure genius.   The main character in the movie is Jules, a mailman in Paris. Jules...

  • Rare Jury Verdict in Securities Fraud Lawsuit

    Regular readers of this blog know that class action securities fraud lawsuits almost never go to trial. But “almost never” is not the same as “never.” Every now and then, there is an unusual case that does go to trial. This past week, a federal court jury reached a verdict in one of those rare...

  • Further Developments in Two Recent Jumbo Derivative Lawsuit Settlements

    As I detailed in blog posts at the time, the parties to two separate shareholder derivative lawsuits in recent months announced what were among the largest derivative suit settlements – the massive $300 settlement in the Renren derivative lawsuit and the $180 million settlement in the FirstEnergy derivative lawsuit. Though the settlements in each of...

  • Will Companies’ ESG Goals Lead to Shareholder Litigation?

    I was struck by the recent statements of Chubb CEO Evan Greenberg quoted an insurance industry publication that a colleague circulated to me last week. In the article, Greenberg said that when it comes to ESG commitments, many companies – particularly insurance companies – may be over-promising. What made Greenberg’s remarks particularly interesting to me...

  • Del. Court Sustains Breach of Fiduciary Duty Claim for Board’s Rejection of Demand Letter

    In a series of opinions beginning with the Delaware Supreme Court’s 2019 decision in Marchand v. Barnhill, Delaware courts have sustained a number of so-called “Caremark” claims based on the defendant board members’ breach of their duty of oversight. The courts have denied motions to dismiss in cases where the boards failed to act despite...

  • Dismissal Denied in SPAC-Related Securities Suit Alleging Supply Chain Misrepresentations

    As I have noted in recent posts (here, for example), SPAC-related securities suit filings continue to accumulate and represent a significant current securities litigation phenomenon. But while the number of suits continues to mount, relatively few of these cases have yet reached the dismissal stage. In a recent ruling, however, the defendant company’s motion to...

  • Quantum Computing Company Hit with SPAC-Related Securities Suit After Short-Seller Report

    In the latest SPAC-related securities class action lawsuit filing, a plaintiff shareholder has filed a securities suit against IonQ, a quantum computing company that became a publicly traded company in September 2021 through a merger with a publicly traded SPAC. As is the case with many of the SPAC-related securities suits, the new lawsuit against...

  • Sunday Arts: Emerson

    Ralph Waldo Emerson is not often read these days. His image has suffered with the passage of time, and he is too often ignored as one more stuffed- shirt dead white male. Perhaps it is his earnestness, or his lofty tone, which sounds dissonant to ears accustomed to the cynical or ironic tones of our more...

  • DOJ, SEC Press COVID 19-Related Charges Against Health Care Company, CEO

    Almost from the very outset of COVID-19 in early 2020, investors and others have filed pandemic-related securities suits and other claims against companies and their executives. Even though the initial outbreak is now nearly 27 months in the past, claims activity continues. In the latest development, a grand jury has returned an indictment against a ...

  • Guest Post: California Trial Court Strikes Down Women on Boards Law

    In the following guest post, Virginia Milstead, a partner at the Skadden, Arps, Slate, Meagher & Flom LLP law firm, reviews and considers the implications of the May 13, 2022 verdict in Crest v. Padilla, in which the Los Angeles County Superior Court held that California’s statute requiring women on corporate boards violates the state...

  • Guest Post: SEC’s In-House Adjudication Deemed Unconstitutional by Fifth Circuit

    On May 18, 2022, the Fifth Circuit held in Jarkesy v. SEC (here), that the agency’s use its in-house Administrative Law Judges, as opposed to its filing of an enforcement action in federal court, is unconstitutional. In the following guest post, Gregory A. Markel, Vincent A. Sama, Daphne Morduchowitz, Giovanna A. Ferrari, and Matthew C....

  • Cardinal Health Opioid-Related Derivative Suit Settled for $124 Million

    In what is one of the largest ever shareholder derivative settlements, the parties to the Cardinal Health opioid-related shareholder derivative litigation have agreed to settle the suit for $124 million. The Cardinal Health settlement, which is subject to court approval, is the latest massive settlement of opioid-related derivative litigation. It also represents another example of...

  • Guest Post: Lessons from Nine West: Avoiding “Reckless” Leveraged Buy-Out Risks

    According to the authors of the following article, Southern District of New York Judge Jed Rakoff’s December 2020 decision in the Nine West LBO Securities Litigation could have important implications for the structure of LBO deals and the due diligence conducted in connection with the transaction, particularly in light of the current economic conditions. The...

  • Del. Federal Court Rules in Insurer’s Favor in D&O Insurance Coverage Dispute

    A perception has emerged in certain circles that Delaware Superior Court is a favorable forum for D&O insurance policyholder and unfavorable for D&O insurers. However, in a recent decision in a D&O insurance coverage dispute by the federal court in Delaware (as opposed to the state court in Delaware) not only determined that Delaware law...

  • Attention: The ESG Cops Are On The Beat

    It arguably is not news that the SEC is monitoring disclosure and related issues concerning ESG. After all, the agency’s enforcement division formed an ESG Task Force in March 2021. And as discussed here, the Task Force recently launched its first ESG disclosure-related enforcement action. Now, in the Task Force’s latest move, the agency charged...

  • Court Rejects Plaintiff’s Merger Objection Lawsuit “Mootness Fee” Petition

    One of the great curses on our legal system is the merger objection litigation phenomenon, pursuant to which nearly every proposed public company merger inevitably attracts at least one shareholder lawsuit in which the claimant alleges that the proxy statement disclosures regarding the proposed merger were inadequate. These lawsuits almost uniformly are settled after the...

  • Cybersecurity Firm Hit with Data Breach-Related Securities Suit

    Regular readers of this site know that one of the continuing D&O litigation trends over the last several years has been the incidence of securities class action lawsuits and other litigation arising out of cybersecurity incidents at the defendant company. While in many instances these suits have not fared particularly well, plaintiffs’ lawyers have nevertheless...

  • Nielsen Holdings Settles GDPR-Related Securities Suit

    Regular readers of this blog know that one of the important emerging D&O liability exposures involves issues arising from privacy concerns. There have, in fact, been a number of important privacy-related D&O claims filed, including lawsuits relating to the EU’s General Data Protection Regulation (GDPR). Among the highest profile of these GDPR-related lawsuits is the...

  • U.K-Based Cybersecurity Firm Hit with SPAC-Related Securities Suit

    As I have noted in prior posts (most recently here), one of the most significant recent securities litigation trends has been the number of filings against post-SPAC-merger publicly traded companies. In the latest of these SPAC-related suit filings, last week a plaintiff shareholder filed a securities class action lawsuit against Arquit Quantum, a U.K.-based cybersecurity...

  • Sunday Arts: A Herald of the Modern

    In my most recent visit to London in October 2021, I was fortunate to be able to visit the Tate Britain museum. The museum has an interesting collection, but by far the most interesting feature of the museum is its very fine gallery of paintings by the English painter, J.M.W. Turner. The size and breadth...

  • California Appellate Court Upholds and Enforces Federal Forum Provision

    In the wake of the U.S. Supreme Court’s Cyan decision, corporate defendants faced the risk of wasteful and duplicative federal and state court securities litigation. In order to address this concern, corporate reformers suggested that companies should adopt provisions in their corporate charters designating an exclusive federal forum for securities litigation. The Delaware Supreme Court...

  • SEC Action Against Brazilian Mining Company Alleges ESG Misrepresentations

    If there is one current topic that commands the attention of investors and other corporate stakeholders these days, it is ESG. ESG-related issues have of course previously led to securities suits and other types of D&O claims. However, amidst the current heightened focus on ESG, there is still a great deal of uncertainty about what...

  • Elon Musk Prevails in Trial Over Tesla’s Acquisition of SolarCity

    As I have noted before, Elon Musk is a reliable source of interesting blog fodder. His hyperkinetic fracases are so numerous that at times it is easy to lose track of the many controversies in which he is involved. Amidst all of the hoopla about his current bid to acquire Twitter, it was easy to...

  • Fourth Circuit Affirms Dismissal of Marriott Data Breach-Related Securities Suit

    One of the reasons there have not been as many cybersecurity-related securities lawsuits as some commentators (including me) expected is that the plaintiffs’ track record in the cases that have been filed has been decidedly mixed. To be sure, there have been some very noteworthy successes for the plaintiffs, including the Equifax cybersecurity-related securities suit,...

  • Request a trial to view additional results

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT