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July 02, 2026
SAN JOSE, Calif. — A federal judge in California dismissed investors’ putative class action against Visa Inc. and certain executives for alleged false and misleading statements regarding Visa’s debit practices in violation of federal securities laws, finding that the investors failed to allege loss causation.
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July 02, 2026
NEW YORK — A Second Circuit U.S. Court of Appeals panel held that an investor failed to allege loss causation in a putative securities fraud class action alleging that a biopharmaceutical company and its former CEO misled investors about the clinical trials of a drug candidate, finding that the investor did not properly connect a drop in stock price to a corrective disclosure about the trial issued a few days earlier.
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July 02, 2026
NEW YORK — A Second Circuit U.S. Court of Appeals panel affirmed a lower court’s dismissal of investors’ securities fraud class action against a digital advertising and services technology company and certain of its directors and officers alleging that the defendants committed securities fraud by making material misrepresentations about the company’s search advertising business that caused the company’s stock price to drop, agreeing with the lower court that the investors did not plead actionable misstatements or facts supporting a strong inference of scienter.
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July 02, 2026
COLUMBUS, Ohio — A divided Ohio Supreme Court held that Ohio securities law does not extend liability to a brokerage firm that performed routine business activities for a customer after the customer’s unlawful sale of securities, reinstating a trial court’s dismissal of investors’ complaint against the firm.
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July 02, 2026
WASHINGTON, D.C. — A digital experience platform, certain of its executives and directors and the companies that underwrote the platform’s initial public offering (IPO) filed a petition for a writ of certiorari in the U.S. Supreme Court, asking the court to determine “[w]hether an issuer violates Section 11(a) [of the Securities Act of 1933]’s misleading-omissions prong by describing unmaterialized risks as hypothetical”; the question was asked in a case brought by investors against the petitioners for allegedly providing misleading statements in the digital platform’s public offering documents.
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July 01, 2026
NEW ORLEANS — A Fifth Circuit U.S. Court of Appeals panel reversed a lower court’s dismissal of investors’ securities fraud claims against an oil and gas company and certain current and former executives and directors, holding that the subject exchange of stock was a sale under federal securities laws.
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June 29, 2026
WASHINGTON, D.C. — The U.S. Supreme Court on June 29 denied a petition for a writ of certiorari filed by the New Civil Liberties Alliance (NCLA), individuals and other entities who had entered into settlements with the SEC asking the court to determine whether a now-rescinded SEC rule requiring defendants to agree not to publicly deny allegations against them before entering into a settlement with the SEC, known as the Gag Rule, violates the First Amendment.
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June 23, 2026
SANTA ANA, Calif. — A federal judge in California denied a semiconductor company’s motion to reconsider the denial of its motion to dismiss investors’ putative class action against the company and two of its executives for allegedly providing misleading statements about a decrease in the amount of computer components the company supplied to Apple Inc.
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June 16, 2026
DOVER, Del.—The Delaware Supreme Court refused an insurer’s application for certification of interlocutory appeal of a lower court’s grant of partial summary judgment in favor of a technology company insured seeking coverage for an underlying securities class action and a Securities Exchange Commission lawsuit arising from a merger between a privately held company and a special purpose acquisition company, declining to disturb the lower court’s interpretation of the policy’s “public offering” exclusion.
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June 16, 2026
WASHINGTON, D.C. — The Securities and Exchange Commission proposed amendments to Regulation NMS that would rescind the trade-through rule for NMS stocks and the provision regarding locking and crossing quotations for NMS stocks, stating that rescinding these rules would reduce compliance costs and benefit U.S. equity markets.
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June 11, 2026
WASHINGTON, D.C. — A split U.S. Supreme Court on June 11 issued an opinion finding that Section 47(b) of the Investment Company Act of 1940 (ICA) does not give private parties an implied power to sue for rescission of contracts that allegedly violate the ICA.
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June 05, 2026
WILMINGTON, Del. — A federal judge in Delaware dismissed a derivative action brought by a shareholder against a company’s current and former executives, board members and directors for alleged securities law violations, finding that the shareholder failed to bring a nonexculpated claim for liability for the purpose of demand futility.
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June 05, 2026
CAMDEN, N.J. — A federal judge in New Jersey dismissed investors’ putative class action against Verizon Communications Inc. and certain of its executives over alleged misstatements regarding miles of lead-sheathed copper wire, finding that, for the second time, the investors failed to plausibly allege an actionable claim for fraudulent statements made with scienter.
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June 04, 2026
WASHINGTON, D.C. — A unanimous U.S. Supreme Court on June 4 ruled that the Securities and Exchange Commission may seek equitable disgorgement under federal securities laws without showing that investors suffered pecuniary harm, saying that traditional equitable principles associated with disgorgement do not require a showing of pecuniary loss “before an investor qualifies as a victim of an offender’s wrongdoing entitled to compensation.”
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June 04, 2026
MILWAUKEE — Two pension funds are appealing to the Seventh Circuit U.S. Court of Appeals a Wisconsin federal judge’s dismissal of their second amended securities fraud complaint against an energy products company regarding the company’s allegedly fraudulent nondisclosure of its COVID-19 pandemic-related stock price gains and subsequent drop.
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June 04, 2026
OAKLAND, Calif. — A federal judge in California granted final approval to an $85 million settlement in a class action brought by investors against Wells Fargo & Company and certain of its executives alleging that news of the company’s practice of using fake interviews to give the impression of complying with internal diversity hiring practices led to a drop in the company’s stock value.
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June 03, 2026
ATLANTA — Finding that substantial evidence supported the Securities and Exchange Commission’s approval of a securities exchange’s technology model designed to prevent trading during micro-shifts in options’ prices, an 11th Circuit U.S. Court of Appeals panel denied a high-frequency trader’s petition for review of the SEC’s decision.
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June 02, 2026
HONOLULU — A federal judge in Hawaii issued an opinion and order granting final approval of a $100 million derivative settlement in a case brought by investors on behalf of Hawaiian Electric Industries Inc. stemming from the August 2023 wildfires that broke out on Maui.
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June 01, 2026
WASHINGTON, D.C. — The Securities and Exchange Commission on May 29 proposed a rule that would rescind climate-related disclosure rules, saying in the proposal that the rules “were a dramatic overreach of the Commission’s statutory authority.”
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June 01, 2026
NEW YORK — A Second Circuit U.S. Court of Appeals panel affirmed a lower court’s dismissal of investors’ putative class action against The Gap Inc. and two of its executives, finding that the challenged statements about problems with an inclusive clothing size initiative were not false or misleading.
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June 01, 2026
NEW YORK — A Second Circuit U.S. Court of Appeals panel affirmed the confirmation of a JAMS arbitral award worth more than $9 million in attorney fees and costs issued against an investor for allegedly violating a restriction on securities transfers and rebuffed his arguments that the award should not have been confirmed based on findings from parallel litigation in Pakistan, which the panel said was only “tangentially related.”
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June 01, 2026
LOS ANGELES — A federal judge in California granted final approval to a $250 million settlement in a class action brought by investors alleging that an electric car manufacturer and certain of its executives hid the fact that they knew that the company would be selling its vehicles at a significant loss ahead of its initial public offering.
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May 29, 2026
WASHINGTON, D.C. — In a respondent brief filed in the U.S. Supreme Court, the Securities and Exchange Commissioned urges the court to deny a petition for a writ of certiorari filed by the New Civil Liberties Alliance (NCLA), individuals and other entities who had entered into settlements with the SEC asking the court to determine whether a now-rescinded SEC rule requiring defendants to agree not to publicly deny allegations against them before entering into a settlement with the SEC, known as the Gag Rule, violates the First Amendment. The SEC says the petition is moot because the agency recently repealed the rule.
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May 28, 2026
TAMPA, Fla. — The American Securities Association (ASA) notified a federal court in Florida that it had reached a settlement with the U.S. Securities and Exchange Commission in its suit against the SEC for allegedly violating the Freedom of Information Act (FOIA) by withholding all responsive documents related to the agency’s investigations of broker-dealers that used unauthorized personal devices to communicate with clients during the COVID pandemic.
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May 26, 2026
WASHINGTON, D.C. — The U.S. Supreme Court on May 26 denied a petition for rehearing filed by a man subject to a civil action by the Securities and Exchange Commission asking the court to determine whether federal securities laws allow the SEC and a district court to use the commission’s general equitable authority to order a receivership that will seize every entity owned by a defendant that even slightly benefited from the defendant’s allegedly illegal acts; the Supreme Court had denied the man’s petition for certiorari on March 30.