(CN) - Facebook shareholders lack standing to sue derivatively over pre-IPO misrepresentations because they did not own shares prior to the IPO, when the alleged misconduct occurred, the 2nd Circuit ruled.
(CN) - Previously off-limits documents collected by the Securities and Exchange Commission detailing produce company Chiquita's payoffs to Colombian paramilitary groups should be released pursuant to a Freedom of Information Act request, an appeals court ruled.
(CN) - The maker of the Keurig single-cup coffee system must face a securities fraud class-action lawsuit, the Second Circuit ruled.
(CN) - A sanction authorized by the Dodd-Frank Act cannot be applied retroactively on an investment adviser who committed violations a year prior to the law's enactment, the Court of Appeals for the D.C. Circuit ruled.
(CN) - Shareholder concerns about gun violence do not "transcend" Wal-Mart's interest in managing its daily business operations, including its decision to sell assault rifles, the Third Circuit ruled.
(CN) - General Motors directors did not consciously fail to implement oversight measures that could have prevented a recall of 28 million cars with faulty ignition switches, the Delaware Chancery Court ruled.
(CN) - A Receptos Inc. shareholder filed a class action to halt a $7.2 billion acquisition of the company by Celgene Corp. claiming the offer price is far too low.
(CN) - Many of the world's biggest banks manipulated Treasury Department auctions on the Chicago Mercantile Exchange to sell securities, futures and options at inflated prices, a class action claims.
(CN) - Investors in bioproducts company Solazyme Inc. claim in court that a drop in the company's stock price was due to alleged misrepresentations regarding its manufacturing facility in Brazil.
(CN) - Stockholders of Avalanche Biotechnologies claim they were bushwhacked when weaknesses in the company's macular-degeneration drug study came to light.
(CN) - Braskem SA's implication in a massive corruption investigation involving Brazilian president Dilma Rousseff has caused the company's stock to tank, investors claim in a federal class action.
(CN) - Biotech company Celladon blindly promoted its experimental drug as a potential breakthrough for cardiac patients until a failed clinical trial rendered the drug worthless, a class of shareholders claims in court.
(CN) - Shareholders object to Allergan's $2.1 billion deal to buy Kythera Biopharmaceuticals just as it got Food and Drug Administration approval for an injectible product to rid patients of their double chins.
(CN) - Keurig Green Mountain Inc. failed to disclose details about its products and ommissions artificially inflated stock prices, investors claim in a federal class action.
(CN) - Investors are suing some of the biggest banks in the world for manipulating the foreign currency market, including Citicorp, JPMorgan Chase & Co., Barclays Plc, The Royal Bank of Scotland Plc and UBS AG, after charges that they conspired to manipulate the price of U.S. dollars and euros in the foreign currency exchange (FX) spot market.
(CN) - Eight years after the 2008 market crash, the Federal Reserve is imposing new capital requirements on the nation's largest banks to prevent the need for another bank bailout in the event of another financial crisis.
(CN) - The Securities and Exchange Commission finalized a new rule that will increase the public's cost of requesting agency documents.
WASHINGTON (CN) - The Securities and Exchange Commission will propose rules requiring companies to adopt clawback policies on executive compensation.
(CN) - An international financial monitoring body is "putting the cart before the horse" in its project to determine what financial entities are "systemically important," i.e. "too big to fail," the Securities Industry and Financial Markets Association says.
McKINNEY, Texas (CN) - A criminal securities fraud investigation of Texas Attorney General Ken Paxton found evidence of wrongdoing that may lead to first-degree felony charges, a special prosecutor said.
WASHINGTON (CN) - In its first case of the kind, the SEC on Tuesday accused two businesses of illegally brokering more than $79 million from foreigners who sought U.S. residency through the Immigrant Investor Program.