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Ninth Circuit Criticizes Overuse Of Extrinsic Documents By Defendants Seeking To Dismiss Securities Fraud Cases

September 14th, 2018

On August 13, 2018, the Ninth Circuit Court of Appeals issued a decision in Khoja v. Orexigen Therapeutics, Inc., No. 16-56069, 2018 WL 3826298 (9th Cir. Aug. 13, 2018) reversing the United State District Court for the Southern District of California’s (“District Court”) dismissal under Fed. R. Civ. P. 12(b)(6) of a securities class action brought against Orexigen Therapeutics, Inc....

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Federal Court Sustains Criminal Securities Fraud Case Over Initial Coin Offering

September 13th, 2018

U.S. District Judge Raymond J. Dearie of the Eastern District of New York ruled Tuesday that a criminal case alleging that Maksim Zaslavskiy committed securities fraud in connection with the sale of cryptocurrency tokens may proceed to trial. The government claims that Zaslavskiy defrauded more than a thousand investors by lying about the prospects of his initial coin offerings, REcoin and...

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Oh My Darling, Memantine: Summary Judgment Denied and Class Certified in the Namenda case

August 22nd, 2018

On August 2, 2018, Judge McMahon denied Forest’s motion for summary judgment and granted certification of a class of Direct Purchasers in In re Namenda Direct Purchaser Antitrust Litigation.  In Namenda, Plaintiffs are challenging a product hop by Forest from Namenda IR to Namenda XR and reverse payments by Forest in settlement of patent litigation over Namenda IR. The New York Attorney...

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New York Congressman Indicted on Insider Trading Charges

August 16th, 2018

New York Congressman Christopher Collins (“Collins”) was recently arrested and charged with insider trading.  The indictment alleges that Collins, who served on the Board of Directors of Innate Immunotherapeutics Limited (the “Company”), illegally tipped off his son, Cameron, about the failed results of the Company’s drug trial.  Immediately thereafter, Cameron allegedly sold 1.4...

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A Supreme Court Decision and Executive Order Change the Hiring Process For the SEC’s Administrative Law Judges

August 1st, 2018

On June 21, 2018, in its ruling in Lucia v. Securities and Exchange Commission, No. 17-130, the United States Supreme Court held in a vote of 7-2 that the Securities and Exchange Commission’s (“SEC”) bureaucratic hiring process for its administrative law judges (“ALJ”) violates the U.S. Constitution’s Appointments Clause.  Justice Kagan, who authored the opinion, explained that...

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