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Matrixx Initiatives, Inc., et al. v. Siracusano: Securities Plaintiffs Can Use Inferences to Show Materiality and Scienter at the Pleading Stages

By Josh Lawler of Zuber & Taillieu and Joel B. Ginsberg

The United States Supreme Court has ruled that in securities cases under §10(b) and Rule 10b–5 the requirement of the materiality of a defendant’s misrepresentations cannot be reduced to a bright-line rule. Facts giving rise to a strong inference that a defendant acted with the required state of mind are… More...

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Makor: “Strong Inference” of Scienter – A New Standard, But No New Results

Tellabs, Inc. v. Makor Issues & Rights, Ltd. | October 19, 2007

The Tellabs tale really has two parts – part one is a Supreme Court decision, which ultimately remanded the case back to the 7th Circuit to apply its ruling, and part two is the subsequent 7th Circuit decision. The Supreme Court decision in Tellabs Inc. v. Makor Issues & Rights Inc., 127 S.Ct. More...

Roth v. Jennings Seeks to Address Issue of What Constitutes a Group in Applying Section 16(b) of the Exchange Act

Roth v. Jennings | October 19, 2007

In Roth v. Jennings, 489 F.3d 499 (2nd Cir. 2007), the Second Circuit Court revisited the issue of pleading a “group” 1 for purposes of Section 13(d) of the Securities Exchange Act of 1934. The court reversed a district court’s dismissal of a plaintiff’s Section 16(b) claim seeking More...

Ring: Establishing a Fine Distinction of What Is a Covered Security under SLUSA

Ring v. AXA Financial, Inc. | August 29, 2007

While the cases of Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit, 547 U.S. 71 (2006), Lander v. Hartford Life & Annuity Life Ins. Co., 251 F.3d 101 (2d Cir.2001), SEC v. Variable Annuity Life Ins. Co. of Am., 359 U.S. 65 (1959) (“VALIC”), and Fisher v. Kanas, 2007 WL 1352713 (E.D.N.Y.), More...

Fisher v. Kanas Continues Line of Cases That Puts Limit on the Right to Initiate Class Action Suits

Fisher v. Kanas | August 23, 2007

This case is a continuation of a line of jurisprudence that seeks to impose a strict limitation on the right of stockholders to initiate class action law suits in state courts. More...

Merck: Difference Between Mutual Fund and Direct Investor Crucial in Resolving Motion to Dismiss

In Re Merck & Co., Inc. Securities, Derivative & "Erisa" Litigation | August 14, 2007

In this case, the court considers whether there is a difference between a mutual fund investor and a direct investor in determining whether or not a securities action should be dismissed for failing to heed a storm warning. More...

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