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June 2009
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In Brief
Morgan Stanley pays $7 million to Financial Industry Regulatory Authority charges for failing to supervise brokers who duped people into taking early retirement; fraudster Byron Rainner gets barred from the securities industry.
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Who's Doing What
SEC legislative affairs director William Schulz leaves the commission after nine months on the job, while the man touted as his replacement reportedly backs out of the job.
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Trading Suspensions
The SEC suspended trading in 35 firms in May.
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Regulatory Roundup
The SEC splits down party lines in voting to propose new rules allowing shareholders to nominate directors to corporate boards.
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Communications
Billy Lormand v. US Unwired Inc. An appellate panel gives the green light to shareholders in Sprint affiliate US Unwired after the company was strong-armed into adopting a risky and ruinous subprime subscriber program by the wireless giant. U.S. Court of Appeals for the 5th Circuit.
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Communications
Eric Johnston v. Alan Box. A state appellate panel dashes a shareholder derivative suit against American Tower Corp. for alleged stock option backdating because plaintiff failed to bring the suit to the company’s board before filing. Massachusetts Supreme Judicial Court.
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Hospitality
In re: John Q. Hammons Hotels Inc. Shareholders in John Q. Hammons Hotels have their wish granted to inspect financial documents related to a merger agreement which may have deeply and unfairly discounted the hotel group. Delaware Court of Chancery.
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Energy
Stan Haiduk v. TXU Corp. An appellate panel throws out claims against TXU Corp. after shareholders charged company directors with misleading them during a tender offer prior to the company increasing dividend payments. U.S. Court of Appeals for the 5th Circuit.
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Investment Management
Edward U. Notz v. Everett Smith Group Ltd. A minority shareholder oppression case against Albert Trostel & Sons Co. and Everett Smith Group gets revived after a state supreme court panel finds that the firms may have harmed shareholders in an acquisition deal with a plastics manufacturer. Supreme Court of Wisconsin.
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Investment Management
John Gallus v. Ameriprise Financial Inc. Investors score a victory against Ameriprise Financial with an appellate panel finding that the advisory firm may have misled its board of directors into approving fee hikes while charging institutional clients considerably less for identical services. U.S. Court of Appeals for the 8th Circuit.
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Securities Fraud
SEC v. Scott Gann. An appellate panel rejects broker Scott Gann’s challenge to SEC charges of market timing violations after he and an associate were found switching identifier numbers to continue unlawful mutual fund trading after receiving block notices. U.S. Court of Appeals for the 5th Circuit. (Full text on pg. 26)
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Energy
Louisiana Sheriff’s Pension & Relief Fund v. David Crane. A pair of pension funds lose their bid to speed up a class action against NRG Energy after a Delaware judge finds their claim of a looming threat of debt acceleration after a change of control at the company was embellished. Delaware Court of Chancery.
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Fashion Accessories
Clyde Osborne v. Coach Inc. A class action against Coach Inc. claims the accessory firm misrepresented its financial health which drove the company’s stock price down 12 percent after failing to meet projected sales goals. U.S.D.C. SD New York.
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Computer Peripherals
Kamwai Chan v. Emulex Corp. Shareholders accuse directors at Emulex Corp. of adopting an overtly protectionist plan to stave off a lucrative takeover bid from Broadcom. Delaware Court of Chancery.
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Securities Fraud
U.S.A. v. Kosta Kovachev. The federal government files suit against broker Kosta Kovachev for allegedly aiding attorney Marc Dreier’s massive fraud. U.S.D.C. SD New York.
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Construction
Helene Gottlieb v. Centex Corp. Shareholders claim a merger deal between Centex Corp. and Pulte Homes is unfair because the offer was timed to take advantage of tanking stock prices due to the global economic downturn. Texas District Court Dallas County.
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Oil & Gas
Joseph Alonzo v. Atlas Energy Resources LLC. A class action accuses Atlas Energy Resources of moving ahead with a merger deal with its majority stockholder, Atlas America, which allegedly shortchanges minority shareholders. Delaware Court of Chancery.
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Investment Management
Construction Industry and Laborers Joint Pension Trust v. Austin Capital Management Ltd. Hedge fund manager Austin Capital Management faces a class action for pumping investors’ money into Bernard Madoff’s massive multi-billion dollar Ponzi sheme. U.S.D.C. SD New York.
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Media
Jan Buettgen v. Katherine Harless. A class action against those at the helm of Idearc Inc., the media company behind superpages.com, claims the company went belly-up after becoming saddled with bad debt. U.S.D.C. ND Texas.
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Investment Banking
City of Burbank v. Richard Fuld Jr. Executives at Lehman Bros. face a flurry of lawsuits filed by California municipalities burned by the firm’s multi-billion dollar collapse. California Superior Court San Francisco County.
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Mining
Dean Frederick v. Mechel OAO. Russian coal producer Mechel faces a class action after the company had its knuckles wrapped for antitrust violations. U.S.D.C. SD New York.
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Security Software
Scott Sachs v. Entrust Inc. A class action against Entrust Inc. seeks to halt a merger deal inked at a time to capitalize on a worldwide market downturn which drove down the company’s stock price. Dallas County District Court.
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Technology
Scott Cohen v. Steve Stevanovich. A group of Sulphco shareholders claim brokers at a slew of large investment banks abusively short sold the company’s stock to send share prices into the tank. U.S.D.C. SD New York.
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Investment Banking
Melvin Steinhardt v. UBS Securities LLC. Genesco Inc. shareholders claim in a class action against UBS Securities that they lost out on a lucrative merger when the bank pulled out of financing the $1.6 billion deal. U.S.D.C. ED New York.
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Legal Opinions
SEC v. 144 Opinions Inc. The SEC accuses the owners of 144 Opinions Inc. of running a legal “opinion mill” which enabled a company’s pump-and-dump scheme. U.S.D.C. ND Georgia.
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Food & Beverage
Shirley Simon v. PepsiAmericas Inc. A class action against bottler PepsiAmericas seeks to halt a takeover by the company’s majority stockholder, PepsiCo. Minnesota District Court Hennepin County.
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Medical Technology
Business Systems Consultants Ltd. v. Sequenom Inc. Investors claim in a class action that San Diego-based genetics firm Sequenom misleadingly touted a new Down syndrome detection test using fudged and misleading data. U.S.D.C. SD California.
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Cosmetics
Suri Lefkowitz v. Revlon Inc. Cosmetics giant Revlon faces a shareholder class action for allowing a deal to go forward with its majority stockholder that may squeeze out public investors. Delaware Court of Chancery.
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Fashion
Angela Tyler v. Liz Claiborne Inc. A class action accuses Liz Claiborne of issuing misleading financial forecasts while its profits were set to plunge when Macy’s, its largest customer, slashed orders in response to a new product launch at retail rival JC Penney. U.S.D.C. SD New York.
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Aerospace
Chris Gassen v. Limco-Piedmont Inc. Aerospace repair company Limco faces a shareholder class action for accepting a buyout offer well below the company’s true book value. Oklahoma District Court Tulsa County.
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Text Tiles
Feivel Gottlieb v. The Hallwood Group Inc. A shareholder class action claims textile firm the Hallwood Group is being bought out by its majority shareholder for far below the firm’s true book value. Dallas County District Court.
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Advertising
WPP Luxembourg Gamma Three Sarl v. Spot Runner Inc. A derivative action against start-up company Spot Runner accuses the firm’s directors of pumping and dumping the company’s stock while racking up huge losses. U.S.D.C. CD California.
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Finance
Jake Vale v. Edwin McGuinn Jr. Investors claim in a class action that MRU Holdings securitized bundles of student loans as auction rate securities while knowing that the market for ARS existed “at the whim” of broker-dealers. U.S.D.C. SD New York.
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Home Entertainment
Neil Lanteigne v. Genius Products Inc. Shareholders in home entertainment firm Genius Products accuse the company in a class action of diluting their ownership of the firm after a stock split prior to the release of a potentially hit video game. California Superior Court Los Angeles County.
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Securities Fraud
SEC v. Scott Gann. An appellate panel rejects broker Scott Gann’s challenge to SEC charges of market timing violations after he and an associate were found switching identifier numbers to continue unlawful mutual fund trading after receiving block notices. U.S. Court of Appeals for the 5th Circuit. (Full text on pg. 26)
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