On April 29, the United States Court of Appeals entered an amended order (previously decided on March 17, 2016) that affirmed the decision of the United States District Court for the Southern District of New York in DeKalb County Pension Fund v. Transocean Ltd., Robert L. Long, Jon A. Marshall, and Transocean Inc.
The central issues in the case were (i) what statute of repose applies to a § 14(a) claim under the Securities Exchange Act of 1934? and (ii) when does the statute of repose began to run? This was a particularly thorny question because the private right of action in § 14(a) is ...
On March 4, 2016, the United States Court of Appeals for the Second Circuit affirmed the District Court for the Southern District of New York in Tongue v. Sanofi, No. 15-588-CV, 2016 WL 851797 (2d Cir. Mar. 4, 2016), holding that the District Court properly dismissed the Investor Plaintiffs/Appellants' Complaint. The Plaintiffs alleged that the Defendants, a pharmaceutical company, its predecessor, and three executives, violated § § 10(b), 18, and 20(a) of the Securities Exchange Act of 1934, § § 11 and 12 of the Securities Act of 1933, and state law by making misleading statements ...