Securities Law Alert, February 2012
This month’s Alert addresses a Tenth Circuit ruling affirming the dismissal of a securities fraud action against Level 3 Communications, and a Fifth Circuit decision endorsing the percentage method for calculating attorneys’ fees in common fund cases. We also discuss the Delaware Supreme Court’s reversal of a Chancery Court order of dismissal for failure to apply the “reasonable conceivability” pleading standard.
In addition, we address a decision from the Southern District of Texas narrowing claims in the BP Deepwater Horizon securities fraud action based on the Supreme Court’s ruling in Morrison v. Nat’l Austl. Bank Ltd., 130 S.Ct. 2869 (2010). We also discuss the District of New Jersey’s dismissal of a class action against Pfizer in connection with clinical trial announcements for a potential Alzheimer’s drug. Finally, we address the Southern District of California’s rulings on dismissal motions in two “Say on Pay” actions brought on behalf of PICO Holdings.