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Faruqi Law Blog

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Ninth Circuit Holds that Shareholders Must Only Show Negligence to Bring Claims in Tender Offer Cases Under the Exchange Act

April 25th, 2018

On April 20, 2018, the Ninth Circuit ruled in Gary Varjabedian v. Emulex Corp., et al. that claims brought under Section 14(e) of the Securities Exchange Act of 1934 (the “Exchange Act”) require a showing of negligence rather than scienter.  In its decision, the court expressly rejected holdings by the Second, Third, Fifth, Sixth and Eleventh Circuits that Section 14(e) requires a showing...

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The Sec’s Proposed “Regulation Best Interest” Won’t Protect Investors Says Sec Commissioner

April 25th, 2018

On April 18, the Securities and Exchange Commission proposed a package of reforms intended to protect investors from broker-dealer conflicts of interest.  But the reforms won’t protect investors lamented SEC Commissioner Kara Stein at the SEC’s most recent open meeting: “one might say, the Emperor has no clothes.”  Among the reforms, proposed Regulation Best Interest disappointed her...

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California Class Action Arbitration Agreement Found Unconscionable

April 24th, 2018

California workers obtain a substantial victory as the California Second Appellate District found arbitration agreements, signed by over one hundred employees in the wake of a coworker initiating a wage-and-hour class action, to be procedurally and substantially unconscionable.  The Court held that “the language of the provision and the circumstances under which it was presented to putative...

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Drugmakers’ “Shenanigans” Stifle Generic Competition

April 16th, 2018

The Trump administration and Congress are focusing their attention on brand-name drugmakers that prevent generic competitors from accessing branded drug samples, thereby inhibiting bioequivalence testing that is needed to gain FDA approval of a generic drug. In November of last year, FDA Commissioner Scott Gottlieb criticized branded drug companies for these types of “shenanigans” aimed at...

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SCOTUS Rules State Courts Can Continue to Hear Certain Securities Class Actions

April 16th, 2018

In a decision published on March 20, 2018, the U.S. Supreme Court unanimously ruled that state courts have jurisdiction over securities class action lawsuits alleging breaches of law solely under the Securities Act of 1933 (“the ’33 Act”). In the case, investors brought suit in California state court against a corporation that made an initial public offering as to disclosures made in a...

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