We are pleased to share the most recent edition of the Simpson Thacher Securities Law Alert, edited by litigation Partners Jonathan Youngwood, Peter Kazanoff, and Paul Gluckow. The following is an excerpt from the November 2012 edition of the Alert:
This month’s Alert addresses the oral argument before the Supreme Court in Amgen, Inc. v. Connecticut Retirement Plans and Trust Funds, a case in which the Court is considering whether plaintiffs must establish materiality to win class certification under the fraud-on-the-market theory of reliance.
We also discuss a Southern District of New York decision finding allegations of internal control-related misrepresentations sufficient to state a Section 10(b) claim on a stand-alone basis; as well as a Western District of Texas decision holding that the SEC may bring a claim to claw back executive bonus and incentive compensation under Section 304 of the Sarbanes-Oxley Act without alleging misconduct or scienter.
Finally, we address a Southern District of Ohio decision holding that a “no reliance” clause precludes a sophisticated investor from bringing fraud and negligent misrepresentation claims against Credit Suisse Securities.
To view and print the full Securities Law Alert, please click here.
Tags: Amgen Inc. v. Connecticut Retirement Plans and Trust Funds, claw back, Dobina v. Weatherford Int’l Ltd., Executive Compensation, fraud on the market, In re National Century Financial Enterprises Inc. Investment Litigation, internal controls, Pharos Capital Partners L.P v. Deloitte & Touche L.L.P, Pirelli Armstrong Tire Corp. Retiree Med. Benefits Trust ex rel. Fed. Nat’l Mortg. Ass’n v. Raines, Sarbanes-Oxley, Section 304