Litigation & Dispute Resolution

Federal Class-Action Securities Lawsuits Slow Down in 2012

The stock market improved in 2012 and the demand for federal shareholder lawsuits slowed down. Coincidence? I think not. The better the market is performing, the happier shareholders will be.

A new study by Cornerstone Research reports that 152 federal class-action securities lawsuits were filed in 2012. This number of cases is well below the average of 193 suits in the prior 15 years, and significantly less than the 188 cases in 2011. According to the study, the drop in lawsuits was consistent across a broad spectrum of legal areas. For example, merger-related lawsuits fell by nearly 33 percent in 2012 from 2011.

Another interesting fact is that filings against Chinese companies that pursued stock listings in the U.S. fell to 10...

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Business Startup

iVLG News Roundup Week 51: Nook’s New Shareholder; Porsche Case Dismissed; HomeStreet Bank Off the Hook; Etc.

International News

British Publisher to Purchase Share in Nook Pearson, a British publisher and education company, made public its $89.5 million investment in Barnes & Noble’s Nook tablet. In exchange, Pearson will receive a 5% stake in the business. Barnes & Noble recently warned its shareholders that its e-reader business would fall short of its annual projections and that holiday sales are lower than expected.

In April, Microsoft invested $300 million in Nook. Together with Pearson’s investment, the Nook business is valued at $1.8 billion (more than Barnes & Noble’s entire market value of $913 million).

National News

Porsche Wins Appeal; Hedge Fund ‘Short Squeeze’ Lawsuit Dismissed In the long-running legal battle regarding Porsche’s takeover of Volkswagen, there is finally a bit of clarity. A New...

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Business Startup

iVLG News Roundup Week 43: Whistleblower Wins, Google Venture, Dodd Frank, etc.

Regional News

Whistleblower Receives Multi-Million Dollar Settlement The former CFO of Seattle-based biopharmaceutical company Omeros Corp., Richard Klein, received nearly $4 million in settlement to resolve a wrongful termination and whistleblower lawsuit. According to Klein’s attorney, the former CFO alleged that Omeros falsified timekeeping records on a National Institute of Health research grant. Klein alerted Omeros’ audit committee and was subsequently fired from Omeros.

Omeros denies any wrongdoing, and stated its reason for settling as, “given a ruling by the court that deprived Omeros of evidence that Omeros would have offered at trial, the inherent uncertainty in a jury trial that could have resulted in an award to Mr. Klein that significantly exceeded the limits of Omeros’ insurance policy…the overall costs of a...

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