The Simmonds Case (§16 Ruling) In The Litigation Context

Law360, New York (May 7, 2012, 12:39 PM EDT) -- In December 2000, an article was published in The Wall Street Journal. It discussed a wide-ranging government investigation of Wall Street investment banks, the practices of the industry allegedly engaged in the manipulation of the market for initial public offerings of stock in high tech companies and whether the banks were “laundering” the stock.

In January 2001, the first private class actions were commenced. By the close of that year, in excess of a thousand actions were filed involving more than 300 corporations which issued stock,...
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