Securities

  • May 29, 2007

    SEC, Brocade Exec Clash Over Subpoenas

    The U.S. Securities and Exchange Commission has filed a motion opposing a former Brocade Communications Systems Inc. executive's attempt to quash the subpoenas of Merrill Lynch and Deutsche Bank in his case.

  • May 25, 2007

    Petrobras Finds No Proof Of Insider Trading

    Brazilian oil firm Petroleo Brasileiro SA may be in the clear over its acquisition of the country’s second largest fuel distributor, Grupo Ipiranga, after an internal commission didn’t find any proof of insider trading.

  • May 25, 2007

    Parmalat Judge Chucks Counterclaim

    A federal judge has dismissed Grant Thornton’s spoliation counterclaim, handing Parmalat Chief Executive Officer Enrico Bondi a victory in his long-standing campaign to hold the underwriters of the Italian dairy giant accountable for its collapse.

  • May 25, 2007

    Refco Plaintiffs Object To Defendants' Motion

    The lead plaintiffs in the securities class action filed against now-defunct futures brokerage Refco Inc. have formally objected to a motion filed by some of the defendants asking the court to reconsider the allegations against them.

  • May 25, 2007

    Judge Tosses Shareholder Suit Against AOL

    A federal judge on Wednesday threw out a shareholder's suit against America Online Inc. relating to its merger with Time Warner Inc., saying it exceeded the two-year statute of limitations.

  • May 25, 2007

    Allegheny Plaintiffs Ask For Settlement Approval

    Power company Allegheny Energy Inc. is just one step away from bringing an end to a long-running consolidated class action filed against the company over financial omissions and misstatements.

  • May 25, 2007

    Harsher Allegations In New Novellus Lawsuit

    A news release in early May touting Morrison & Foerster LLP’s victory in defending Novellus Systems Inc. from a stock options backdating lawsuit proved weeks too early after a modified complaint with harsher allegations reappeared on Thursday.

  • May 25, 2007

    Xethanol Wants Securities Complaint Dismissed

    The defendants in a consolidated securities suit against Xethanol Corp. filed a memorandum Thursday in support of their bid to have the case thrown out, arguing that the complaint fails to state a valid fraud claim under federal securities laws.

  • May 29, 2007

    SEC Investigates Dow Chemical Buyout Talks

    The U.S. Securities and Exchange Commission is reportedly investigating unusual trading activity involving Dow Chemical Co. related to accusations that two former top executives negotiated an unauthorized takeover of the company.

  • May 24, 2007

    SEC Issues New Section 404 Guidance

    The U.S. Securities and Exchange Commission has issued new interpretive guidance for Section 404 of the Sarbanes-Oxley Act designed to help companies strengthen internal controls and lower compliance costs.

  • May 24, 2007

    Securities Suit Against Esteé Lauder Dismissed

    A district court judge on Tuesday dismissed a proposed securities class action suit against the Esteé Lauder Cos. Inc. and its executives, ruling that the plaintiff, a company shareholder, failed to show that he suffered an economic loss through the defendants’ alleged misstating of financial data.

  • May 24, 2007

    Court Blocks Dismissal Of Deloitte Suit

    A federal judge refused to toss a suit against Deloitte & Touche USA LLP, claiming it neglected to investigate allegedly improper accounting by insiders of a Pennslyvania-based healthcare finance company that collapsed into bankruptcy.

  • May 24, 2007

    Banker To Be Indicted In TXU Insider Trading Case

    An investment banker from Pakistan will be indicted by the Department of Justice for allegedly trading on insider information in the days leading up to the $32 billion buyout of energy company TXU Corp.

  • May 24, 2007

    Adelphia Founder, Son Lose Fraud Appeal

    The founder of Adelphia Communications Corp., John Rigas, and his son Timothy face years behind bars after an appeals court upheld all but one of their multiple convictions for an accounting fraud scandal that engulfed the cable company.

  • May 24, 2007

    Collins & Aikman Execs Get More Time To Respond

    The U.S. Securities and Exchange Commission and several former executives of Collins & Aikman have agreed to allow the executives more time to answer the regulator's complaint accusing them of fraud.

  • May 24, 2007

    Security Tech Company Sued Over Alleged IPO Lies

    Only two months after it went public, computer security company Sourcefire Inc. is facing a lawsuit in Maryland accusing it of offering IPO materials that were false and misleading.

  • May 24, 2007

    Cintas' Bid For Sanctions Against Union Rejected

    A judge has denied uniform maker Cintas Corp.’s request to sanction a labor union and its counsel over a securities suit Cintas contended the union filed solely to harass the corporation.

  • May 24, 2007

    SEC Orders HP To Follow Board Disclosure Rules

    Federal regulators have ordered Hewlett-Packard Co. to disclose disagreements which led to director resignations after former board member Thomas Perkins abruptly resigned over the computer giant’s handling of boardroom media leaks.

  • May 23, 2007

    UBS Sued Over Wood River Hedge Fund's Collapse

    Investors in collapsed hedge fund Wood River Capital Partners LP have reportedly charged UBS AG, the fund’s prime broker, of fraudulently earning more than $100 million by misusing the knowledge of its trades.

  • May 23, 2007

    State Supreme Court Spurns Citigroup Request

    The Supreme Court of New Jersey has rejected Citigroup Inc.'s attempt to move a $10 billion lawsuit brought by Parmalat SpA from the Garden State to Italy, Parmalat said Wednesday.