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The Bulletin - Summer 2017

  • California Public Employees' Retirement System v. ANZ Securities, Inc.: Clarifying Investors' Opt-Out Rights

    Ryan Degnan

    On June 26, 2017, the Supreme Court of the United States issued a landmark decision in California Public Employees’ Retirement System (CalPERS) v. ANZ Securities, Inc., which now requires investors to determine, often at the outset of class litigation, whether to pursue direct (or "opt-out") claims...
  • California Federal Court Issues Breakthrough Ruling In Multibillion Dollar Insider Trading Action

    Joshua Materese

    On March 15, 2017, the District Court for the Central District of California issued a momentous ruling in the Basile v. Valeant Pharm. Int’l, Inc., 2017 U.S. Dist. LEXIS 37400 (C.D. Cal. Mar. 15, 2017) (“Allergan”), certifying a class of investors pursuing claims for violations of the federal...
  • Delaware Appraisal Litigation: Recent Decisions Suggest That Only Cases Where There Is A Related-Party Acquirer Make Sense

    Geoffrey Jarvis

    Delaware appraisal litigation occurs where shareholders are deprived of their ownership interest in a corporation for cash consideration (or a mixture of cash and stock) as the result of a corporate merger and/or sale of control of the corporation.1 In an appraisal case, a court will determine the...
  • Second Circuit announces rule for evaluating materiality of interim financial results, rejects First Circuit's "extreme departure" test

    Richard Russo, Jr., Jonathan Neumann

    The federal securities laws require companies to disclose their operating results and other financial information to investors on a quarterly and annual basis. Typically, companies must provide quarterly financial disclosures to investors within 45 days after the end of each fiscal quarter, and...
  • Rethinking Traditional Notions of Fair Play and Substantial Justice

    Tyler Graden

    Over the last several terms, the Supreme Court has decided a series of cases reshaping the answer to a basic question asked in every lawsuit: Where can a defendant be sued? This last term, the Supreme Court issued two decisions, Bristol-Myers Squibb Co. v. Superior Court of California, San...
  • Kessler Topaz Secures $86.5 Million Settlement Challenging Management-Led Buyout of ExamWorks Group, Inc.

    J. Daniel Albert

    Paul Hastings LLP, Legal Counsel for ExamWorks Group, Inc., Contributes $46.5 Million Towards Settlement Kessler Topaz, serving as co-lead counsel on behalf of City of Daytona Beach Police and Fire Pension Fund (“City of Daytona” or “Plaintiff”), recently obtained an $86.5 million settlement for a...