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 a summary of the January 2013 edition of the Alert:
This month’s Alert discusses a Second Circuit decision holding that Section 16(b) does not apply to an insider’s purchase and sale of different types of stock in the same company.
We also cover three decisions from the Ninth Circuit: one addressing the standard for pleading that aftermarket purchases are traceable to a particular offering for purposes of a Section 11 claim; a second holding that the Securities Litigation Uniform Standards Act (“SLUSA”) does not preclude class actions alleging breach of a variable life insurance contract; and a third reinstating a securities fraud class action against VeriFone based on a holistic examination of the complaint’s scienter allegations.
In addition, we address a decision from the Middle District of Tennessee dismissing a securities fraud class action against Biomimetic Therapeutics.
From the Delaware Supreme Court, we cover a decision holding that a large stockholder of Celera Corporation was entitled to opt out of a shareholder class action settlement of a suit brought in connection with Celera’s acquisition by Quest Diagnostics.
Finally, we discuss the First Department’s dismissal of a securities-related common law fraud action against Porsche on forum non conveniens grounds.
To view and print the full Securities Law Alert, please click here.
Tags: Freeman Invs. L.P. v. Pacific Life Ins. Co., Gibbons v. Malone, In re Celera Corp. S’holder Litig., In re Century Aluminum Co. Sec. Litig, In re VeriFone Holdings, Sarafin v. Biomimetic Therapeutics Inc., Section 16(b), Securities Litigation, Simpson Thacher, SLUSA, Viking Global Equities LP v. Porsche Automobil Holding SE