A federal judge has consolidated numerous securities lawsuits against Indian outsourcing company Satyam Computer Services Ltd. and appointed a group of investors as lead plaintiff.
A judge overseeing action by the U.S. Securities and Exchange Commission against former Qwest Communications International Inc. CEO Joseph Nacchio has denied the erstwhile bigwig's motion to toss the much of the complaint on the grounds that the regulator had invoked the state secrets privilege and barred him from adequately defending himself.
The U.S. Securities and Exchange Commission filed a lawsuit Thursday alleging that two representatives of a hedge fund ran a complex bribery scheme that saw them receive at least $312,000 in personal services in exchange for directing trades to broker-dealers that provided the payments.
A federal judge has denied a bid for class certification by a group of Imax Corp. investors in securities litigation against the movie pioneer so that she can consider a bid for lead plaintiff status by a rival shareholder group.
The consolidated derivative shareholder actions against Abercrombie & Fitch Co. and its executives have been dismissed while related securities fraud claims over alleged insider trading and artificial inflation of the company's stock price remain pending.
A consolidated shareholder derivative lawsuit is being wrapped up as part of a $46.8 billion deal that will see Roche Holding AG acquire the Genentech Inc. stock it doesn't already own for $95 a share, according to an attorney for the plaintiffs.
The counsel for financial fraudster Bernard L. Madoff declined to comment Friday on his attempt Thursday to keep his client out of jail — an effort characterized by experts familiar with white collar prosecutions as a classic example of a defense attorney going all out.
The U.S. Securities and Exchange Commission on Thursday settled two suits with medical transcription company MedQuist Inc. and a former executive, and filed a third suit alleging that two former executives committed fraud and violated other federal securities laws by overcharging customers. The SEC alleges that MedQuist was inflating customer bills to puff up its balance sheet.
The U.S. Securities and Exchange Commission has lodged an injunctive action against four former CSK Auto Corp. executives, claiming they overstated the company's pre-tax income by fraudulently concealing tens of millions of dollars in uncollectible receivables in violation of federal securities laws.
Quest Software Inc. and three of its current and former executives have reached a settlement with the U.S. Securities and Exchange Commission following a probe into the company’s accounting practices and stock option grants to employees.
A judge has thrown out a putative class action alleging securities law violations by Impac Mortgage Holdings Inc. in connection with its offering of nontraditional, or so-called Alt-A, mortgage products, finding that the plaintiffs failed — after repeated attempts — to adequately plead their case.
Cirrus Logic Inc. has asked a federal judge to approve a revised settlement in a shareholder derivative suit alleging a stock options backdating scheme by the semiconductor maker's executives.
A federal judge has granted final approval to a $9.75 million settlement between purchasers of viatical investments and three banks, including Citibank NA, that served as escrow agents for Mutual Benefits Corp., the insurance company accused of perpetrating a massive fraud that bilked investors of nearly $1 billion.
A federal judge has dismissed a consolidated securities action brought by a single investor targeting the late 1990s initial public offerings of 54 companies and their stock underwriters after ruling that the plaintiff made an insufficient demand of the stock issuers and did not merit tolling the statute of limitations.
After announcing its $41 billion merger deal with Merck & Co. earlier in the week, Clarinex maker Schering-Plough Corp. on Friday confirmed a $165 million deal that settles a consolidated securities class action over the drugmaker’s alleged failure to disclose information about the manufacturing safety problems that led to a delay of the drug's release.
The push to regulate credit rating agencies is gaining steam in Washington, both in Congress and at the U.S. Securities and Exchange Commission.
“I operated a Ponzi scheme,” Bernard L. Madoff said Thursday before pleading guilty to 11 criminal charges. The disgraced financier was remanded into custody by a federal judge despite his lawyer's contention that he was no flight risk.
A group of minibond investors has filed a class action against several financial institutions, including a unit of bankrupt Lehman Brothers Holdings Inc., in an effort to prevent the Lehman unit from seizing more than $1.5 billion worth of minibond collateral currently held by a trustee on behalf of the investors.
A San Francisco court has thrown out a lawsuit accusing PG&E Corp. of engaging in fraudulent business practices involving some $4 billion in assets transferred by subsidiary Pacific Gas & Electric Co. to its parent company while the utility was losing billions of dollars during the height of California's energy crisis.
A federal court has dismissed a proposed securities fraud class action related to a 2007 buyout deal gone bad between United Rentals Inc. and Cerberus Capital Management LP, saying the plaintiffs failed to meet the pleading standards established by the Private Securities Litigation Reform Act.