Tuesday, June 25, 2024

Free Litigation Reports Find Judicial Opinions

Tuesday, June 25, 2024 | Back issues

Securities

Nike stock

Brief / June 21, 2024

PORTLAND — Nike investors say in a class action that the major athletic brand misrepresented the success of its new direct-to-consumers strategy, which actually caused a major decline in market value that resulted in significant losses for stockholders.

Elon Musk wins back his $44.9 billion Tesla pay package in shareholder vote

Associated Press / June 13, 2024

Chancellor Kathaleen St. Jude McCormick ruled in January in a shareholder’s lawsuit that Musk essentially controlled the Tesla board when it ratified the package in 2018.

Facebook shareholders’ lawsuit over user data security heads to high court

Kelsey Reichmann / June 10, 2024

The Supreme Court agreed to decide whether Facebook must face claims from shareholders whose stock lost $100 billion in value after the Cambridge Analytica scandal.

GameStop shares plunge even as meme stock booster ‘Roaring Kitty’ says company is on the right track

Associated Press / June 7, 2024

The New York Stock Exchange paused trading in GameStop more than 15 times by early afternoon Friday due to unusually high volatile trading in the stock.

Ex-CEO of sustainable aviation fuel company sentenced to 3 years in prison for embezzling company funds

Ryan Knappenberger / June 4, 2024

Justice Department prosecutors described Bryan Sherbacow's embezzlement of nearly $6 million as one of the largest such cases in Washington in recent memory.

Google can’t escape class action claiming it collected, read private tax information

Natalie Hanson / June 3, 2024

Google users from across the country showed they have a reasonable expectation to their tax information being kept private.

ConocoPhillips buying Marathon Oil for $17.1 billion in all-stock deal as energy prices rise

Associated Press / May 29, 2024

Several proposed mergers between energy companies could face pushback from the U.S. which, under the Biden administration, has stepped up antitrust reviews.

Attorney fees admonishment

Brief / May 28, 2024

DALLAS — A federal court in Texas ruled that attorneys who won a $33 million settlement for the shareholders they represented in a securities fraud class action may not enjoy a 1.9x multiplier on their fees. The court likened adding the request for a multiplier to the attorneys cartoonishly “ankle-shaking” money out of their own clients’ pockets.

Meta can proceed with data-scraping suit against UK surveillance startup

Michael Gennaro / May 23, 2024

In a lawsuit from 2023, Meta said Voyager Labs created more than 38,000 fake accounts to scrape data for its investigative software, which is used by law enforcement.

Bad bets

Brief / May 23, 2024

ALBANY, N.Y. — New York’s high court rules that an appellate division properly applied Scottish law when evaluating claims brought by more than 100 shareholders in the online gambling company FanDuel, who say the company’s preferred shareholders tipped the scales in their own favor during a merger with Paddy Power Betfair, another betting firm. The lower court should not have dismissed the complaint, however, because the suing shareholders offered an inference of limited fiduciary, cognizable by Scottish courts, to support their cause of action.

Weed pen Ponzi scheme

Brief / May 20, 2024

LAS VEGAS — A federal court in Nevada granted a marijuana vape pen investor’s motion to compel foreign discovery. The investor wants to file a lawsuit in Canada against the operator of an alleged Ponzi scheme that defrauded him of $4.6 million. The proposed litigation is not speculative because the scheme operator has already pleaded guilty to a civil Securities and Exchange Commission complaint and a criminal complaint.