Survey of Securities Class Actions and Derivative Suits PDF Download
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Author:
Publisher:
ISBN:
Category : Class actions (Civil procedure)
Languages : en
Pages : 168
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Book Description
Author:
Publisher:
ISBN:
Category : Class actions (Civil procedure)
Languages : en
Pages : 168
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Book Description
Author:
Publisher:
ISBN: 9781570733550
Category : Class actions (Civil procedure)
Languages : en
Pages : 149
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Book Description
Author: H. Thomas Wells (Jr)
Publisher:
ISBN: 9781570738036
Category : Class actions (Civil procedure)
Languages : en
Pages : 186
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Book Description
Author: Jessica Erickson
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Book Description
Corporate litigation has changed dramatically over the past twenty-five years. In 1995, Congress adopted the Private Securities Litigation Reform Act, which made it much harder for shareholders to file securities class actions. Delaware courts recently announced that they will review settlements in merger class actions much more strictly. And boards of directors are now empowered to include new rules for shareholder lawsuits in corporate charters and bylaws. Yet one type of shareholder lawsuit has stayed largely untouched from these legal developments -- shareholder derivative suits. These suits face the same problems today that they have faced for decades, despite garnering little attention from legal reformers. This book chapter first explains how shareholder derivative suits have stayed under the legal radar for so long. It then argues that the time has come for the legal system to re-examine its approach to these suits.
Author: William S. Lerach
Publisher:
ISBN:
Category : Actions and defenses
Languages : en
Pages : 136
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Author: William Savitt
Publisher:
ISBN: 9781910813645
Category :
Languages : en
Pages : 310
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Author:
Publisher:
ISBN:
Category : Actions and defenses
Languages : en
Pages : 1228
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Author: Ross D. Fuerman
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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Book Description
This is the first comprehensive examination of the stock option backdating litigation. One reason why it is important to study the stock option backdating litigation is that it was a blend of financial reporting fraud and executive misappropriation of assets. Sometimes the executive misappropriation of assets did not result in materially misstated financial statements under the federal securities laws, even if they did under accounting or auditing standards. This scenario is unique and thus provides a unique research opportunity, since typical financial reporting litigation usually results in materially misstated financial statements under the federal securities laws. A second reason why it is important to study the stock option backdating litigation is that about 35% of it included securities class actions, while the remainder was comprised solely of derivative lawsuits. This provides another unique research opportunity, as most litigation is comprised almost entirely of only securities class actions or only derivative lawsuits. Thus, it is possible to compare and contrast securities class actions with derivative lawsuits. This is particularly useful because some question the value of securities class actions. This part of the research is in a sense an extension of the work of Choi and Pritchard (2014), who found evidence that securities class actions are more effective than SEC enforcement actions at forcing out fraudster executives.Using the empirical archival research method, the comparison of stock option backdating litigation to typical financial reporting litigation revealed that the stock option backdating litigation is negatively associated with auditor defendants, bankruptcy, and the amount of the settlement with the stockholders. It is positively associated with US companies, companies in the computer industry sectors, and restatements for stock option backdating.Also using the empirical archival research method, the examination within the stock option backdating litigation indicated that the derivative lawsuits are negatively associated with auditor defendants, fraud, revenue restatements, and the forced departure of stock option backdating fraudster executives. Thus, securities class actions have value beyond derivative lawsuits. They are a stronger ex post disciplining mechanism, providing stronger deterrence against future executive fraud.
Author: Stephen J. Choi
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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Book Description
Using a sample of all companies named as defendants in securities class actions between July 1, 2005 and December 31, 2008, we study parallel suits relying on state corporate law arising out of the same allegations as the securities class actions. We test several ways that parallel suits may add value to a securities class action. Most parallel suits target cases involving obvious indicia of wrongdoing, indicating that parallel suits do uncover additional targets. Moreover, we find that although a modest percentage of parallel suits are filed first, over 80% are filed after a securities class action (termed “piggyback” parallel suits). Although we do find that parallel suits, and in particular piggyback parallel suits, sometimes target individual officers not already named as defendants in the securities class action, suing more officers do not positively correlate with an increase in settlement incidence, monetary recovery amounts, or attorney fees. Parallel suits sometimes result in settlements when the corresponding class action is dismissed; however, only rarely do the parallel suit settlements provide monetary recovery for investors. We find that piggyback parallel suits often result in non-monetary, corporate governance settlements, particularly for frequent filing plaintiffs' attorneys. Corporate governance settlements correlate with significantly lower attorney hours and attorney fees for the plaintiffs' attorneys. We conclude that such settlements are used to justify fees in cases where there is no monetary recovery.
Author:
Publisher:
ISBN: 9780872242043
Category : Actions and defenses
Languages : en
Pages : 872
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Book Description
