Leidos, Inc. v. Indiana Public Retirement System

Kevin LaCroix:

The U.S. Supreme Court has agreed to take up a case that will address a recurring issue that has arisen in the securities class action litigation arena – that is, whether or not the alleged failure to make a disclosure required by Item 303 of Reg. S-K is an actionable omission under Section 10(b) and Rule 10b-5.

Thomas O. Gorman:

The Supreme Court agreed to hear another securities case this week. Leidos, Inc. v. Indiana Public Retirement System, No. 16-581. … Leido , a securities class action based on Exchange Act Section 10(b) and Rule 10b-5 thereunder, presents the following question, according to the Petition for a Writ of Certiorari: “Whether the Second Circuit erred in holding – in direct conflict with the decisions of the Third and Ninth Circuits – that Item 303 of SEC Regulation S-K creates a duty to disclose that is actionable under the Section 10(b) . . .” of the Exchange Act.

日本経済新聞「NY上場廃止ラッシュNTTも4月に」(2017年3月9日)

日本企業が米ニューヨーク証券取引所(NYSE)をはじめとする海外の取引所への上場を取りやめる動きが広がっている。NTTは9日、NYSEに対して上場廃止を通知したと発表した。4月3日に上場廃止になる予定。昨年には日本電産やアドバンテストなどもNYSEでの上場を廃止したばかり。日本企業が海外進出を急いでいた1990年代から2000年代はじめにかけては海外市場に預託証券などを上場する動きが相次いだが、足元では撤退が加速している。

Supreme Court Nominee Has Taken Skeptical View of Private Securities Fraud Litigation, Agency Deference

On January 31, 2017, President Donald J. Trump announced his nominee for the Supreme Court seat vacated by the death of Justice Antonin Scalia nearly a year ago: Judge Neil Gorsuch of the United States Court of Appeals for the Tenth Circuit. Judge Gorsuch has a limited record in private securities litigation cases during his tenure on the Tenth Circuit, but his writing and litigation activity prior to joining the bench give some insight into his views on key issues affecting securities litigants.

VW Ruling – Morrison Not A Bar To Securities Claims Involving ADRs

These issues arose again the U.S. securities class action lawsuit that Volkswagen ADR investors filed against the company and related defendants based on allegations involving the company’s recent high-profile vehicle emissions scandal. The Volkswagen defendants argued in reliance on Morrison that the U.S. securities laws do not apply to the OTC transactions in the company’s ADRs. In an interesting January 4, 2017 opinion (here), Northern District of California Judge Charles R. Breyer held that the U.S. securities laws do indeed apply to over-the-counter transactions in the U.S. of Volkswagen’s sponsored Level 1 ADRs.

東芝との違い:Volkswagenでは、sponsored ADRだった。