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July 10, 2026
SAN FRANCISCO — In an order on posttrial motions, a federal judge in California mostly upheld a jury’s verdict against Elon Musk in a class action brought by investors in the company formerly known as Twitter who say that Musk attempted to manipulate the company’s stock price before his takeover, granting his motion for judgment as a matter of law only as to his May 17, 2022, tweet because the investors failed to provide substantial evidence to support a finding of loss causation with respect to that tweet.
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July 10, 2026
SAN FRANCISCO — A federal judge in California dismissed without prejudice investors’ securities fraud class action against a materials science company and two of its officers for alleged misstatements regarding the company’s Chinese subsidiary that the plaintiffs alleged led to a drop in the company’s stock price, finding that the plaintiffs failed to allege scienter or loss causation.
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July 10, 2026
NEW YORK — After a Second Circuit U.S. Court of Appeals panel affirmed a judge’s dismissal of an 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, a federal judge in New York issued an order amending the action to make certain clarifications.
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July 10, 2026
BOSTON — A federal judge in Massachusetts dismissed an investor’s putative securities class action against a biotechnology company, certain officers and directors, as well as the underwriters of its initial public offering (IPO) for allegedly omitting information from the company’s registration statement in violation of federal securities laws, finding that the investor did not plausibly identify an unlawful omission.
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July 08, 2026
By Laurent Samuel, Greg Leonard, Nicole Moran, Jerrod Attias and Jonas Dalmazzo
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July 09, 2026
NEW YORK — In what it said was an issue of first impression in the circuit, a Second Circuit U.S. Court of Appeals panel determined that the provisions of an investment funds’ agreements to purchase derivatives from Bed Bath & Beyond Inc. (BBBY) that prevented the fund from obtaining more than 9.99% of the retailer’s common stock at one time, known as “blockers,” effectively prevented the investment fund from becoming a 10% beneficial owner subject to short-swing profit liability under Section 16(b) of the Securities Exchange Act of 1934.
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July 09, 2026
KANSAS CITY, Kan. — A federal judge in Kansas granted proxy advisers’ motions to preliminarily enjoin Kansas Attorney General Kris Kobach from enforcing the state’s recently passed Proxy Advisory Transparency Act, also known as SB 375, agreeing with the proxy advisers that the new law discriminates based on viewpoint and violates their First Amendment rights.
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July 09, 2026
CAMDEN, N.J. — Investors filed a notice of appeal to the Third Circuit U.S. Court of Appeals of a federal judge in New Jersey’s dismissal of their putative securities fraud class action against Verizon Communications Inc. and certain of its executives over alleged misstatements regarding miles of lead-sheathed copper wire.
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July 09, 2026
AKRON, Ohio — A federal judge in Ohio dismissed the Securities and Exchange Commission’s securities fraud complaint against former FirstEnergy Corp. CEO Charles E. Jones, holding that the SEC’s allegations that Jones violated federal securities laws by making material misrepresentations and omissions regarding FirstEnergy’s campaign contributions fail because the alleged misstatements were not made in connection with the purchase or sale of a security.
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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 Securities and Exchange Commission 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.