Publications

This month’s Alert discusses the oral arguments before the Supreme Court in the Halliburton case, which concerns the question of whether plaintiffs must establish loss causation at the class certification stage of a securities fraud action. This Alert also addresses: the Second Circuit’s decision holding that rating agencies do not qualify as “underwriters” for purposes of Section 11 liability; the Seventh Circuit’s decision holding that Motorola’s 401(k) Plan was not entitled to share in the proceeds of a securities fraud settlement because the plan qualified as an “affiliate” of Motorola within the meaning of an exclusion to the class definition; and two rulings from the Ninth Circuit, one reinstating securities fraud claims against Ernst & Young in the Broadcom stock options backdating action, and another holding that the whistleblower provisions of the Sarbanes-Oxley Act do not protect disclosures to the media. Finally, this Alert discusses the Southern District of Florida’s ruling setting aside the jury verdict in the BankAtlantic subprime action on the grounds that the plaintiffs had failed to establish loss causation.