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The Bulletin - Spring 2017

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  • Securities Fraud Plaintiffs' Friend or Foe?: Assessing the Potential Impact of Supreme Court Justice Neil M. Gorsuch's Appointment on the Future Landscape of Private Securities Fraud Litigation

    On April 10, 2017, Neil McGill Gorsuch, a 49-year-old former appellate court judge for the United States Court of Appeals for the Tenth Circuit, was sworn in as an Associate Justice of the United States Supreme Court, filling the fourteen-month-vacancy left by the passing of the late Supreme Court...

  • Kessler Topaz Achieves $32 Million Settlement Challenging Conflicted Non-Public REIT Merger

    Grant Goodhart III

    In the summer of 2016, Kessler Topaz commenced litigation against the directors and executive officers of Apple REIT Ten, Inc. (“Apple Ten” or the “Company”) and the executive officers of Apple Hospitality REIT, Inc. (“Apple Hospitality”) in connection with a proposed merger of the two companies in...

  • Kessler Topaz's Litigation Against Facebook, Inc. And Mark Zuckerberg Challenging Reclassification Scheme: An Update

    Below, we provide an update on Kessler Topaz’s ongoing litigation against the directors of Facebook, Inc. which was discussed at length in the KTMC Summer 2016 Bulletin.1 As previously discussed, the litigation relates to Facebook’s intention to issue a new class of non-voting Class C stock (the...

  • Kessler Topaz Wins Appeal in "Reverse Payment" Antitrust Case

    Terence Ziegler

    Topaz won an important reversal from the United States Court of Appeals for the First Circuit in an antitrust class action case relating to the contraceptive drug Loestrin 24 Fe. The First Circuit reversed a district court decision which initially dismissed the case based on a narrow reading of...

  • ADR Transactions in Securities Litigation After Morrison

    Matthew Mustokoff, Joshua Materese

    Seven years ago, the U.S. Supreme Court eliminated the extraterritorial reach of the federal securities laws in Morrison v. Nat’l Australia Bank Ltd., 561 U.S. 247, 130 S. Ct. 2869 (2010). In an attempt to lay down a “bright line” rule, the Court held that Section 10(b) of the Securities Exchange...

  • Snap Inc. Completes $3.4 Billion IPO By Issuing Non-Voting Stock

    Matthew Goldstein

    On March 2, 2017, Snap Inc., the parent company of messaging app Snapchat, completed its IPO, raising $3.4 billion and giving the company a market value of $24 billion. Snap sold 200 million shares at $17 each, above the initial estimated range of $14 to $16, and the stock was oversubscribed by ten...

  • Deal on European Shareholder Rights Directive

    Bram Hendriks

    The legislative process related to a revised Shareholder Rights Directive (‘Directive’) in Europe is coming to an end. In December 2016, the European policy bodies involved in the negotiation process reached a compromise. The proposed Directive has the objective to overcome certain corporate...