Further Clarity On Duty To Disclose Wells Notices

Law360, New York (February 3, 2016, 10:06 AM EST) -- David M.J. Rein

Jacob E. Cohen On Jan. 22, 2016, the United States District Court for the Southern District of New York (Judge John Koeltl) dismissed In re Lions Gate Entertainment Corp. Securities Litigation,[1] a putative securities fraud class action brought under Section 10(b) of the Securities Exchange Act of 1934. The complaint alleged that the company should have disclosed publicly the pendency of a U.S. Securities and Exchange Commission investigation, the company’s intention to settle with the SEC and the company’s receipt of a so-called “Wells notice” — i.e., a letter from the SEC enforcement division staff informing the company...

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