The special purpose acquisition company (“SPAC”) craze took the world by storm during 2020 and early 2021. SPACs continue to dominate the finance and business news cycles, with headlines of unicorns choosing to go public through this IPO-alternative. More recently, the future of the SPAC market has been called into question, as concerns have arisen
Securities Litigation
Supreme Court clarifies that in securities-fraud class actions, courts should consider whether the alleged misrepresentation was “generic”
Posted in Securities Litigation
Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, No. 20-222
On June 21, 2021, the Supreme Court held that in a securities-fraud class action, the district court should consider whether the alleged misrepresentation is generic in determining whether the misrepresentation affected the price of the security at issue. The Court also held that…
Millennium Health Judge Finds Loans at Issue Not Securities, Dismisses Related Blue Sky Claims; US Leveraged Loan Market Breathes a Sigh of Relief
By J. Paul Forrester on
Posted in Securities Enforcement, Securities Litigation
On Friday, May 22, 2020, in the closely watched Millennium Health case, Judge Gardephe issued a Memorandum Opinion and Order granting the defendants’ motion to dismiss, including the six causes of action in the plaintiff’s petition under the securities laws of California, Colorado, Illinois and Massachusetts, and holding that the leveraged loans at issue were…
Supreme Court Dismisses Securities Case Without Decision As Improvidently Granted
By Mayer Brown on
Posted in Securities Litigation
Emulex Corp. v. Varjabedian, No. 18-459
In a one-line per curiam order issued this morning, a unanimous Supreme Court declined to resolve a dispute, argued before the Court last Monday, over whether Section 14(e) of the Securities and Exchange Act of 1934 provides an implied private right of action based on negligent misstatements or omissions…