Securities Litigation “Three Peat?" A discussion of Tellabs, Dura, and Stoneridge
Thursday, November 15, 2007
4:00 p.m. – 7:00 p.m.
Sponsored by: The Securities Enforcement & Litigation Committee of the Litigation Section
The Securities Enforcement & Litigation Committee presents three panels
featuring experienced practitioners from both sides of the "v." Panelists will discuss the practical implications of recent opinions under Rule 10b-5 with respect to pleading fraud and establishing causation. They will also consider the question of "scheme liability" posed in the pending Stoneridge case. The program will be followed by an informal reception.
Panel 1: The Tellabs Decision:
This panel will focus on the implications of the Supreme Court’s 2007 decision in Tellabs, Inc. v. Makor Issues & Rights, Ltd. opinion for pleading a Section 10(b) claim. The discussion will address:
- What is different post-Tellabs?
- How plaintiffs are approaching the crafting of a complaint post-Tellabs.
- How defendants are approaching motions to dismiss post-Tellabs.
- The implications of Tellabs for other pleading issues, including the group pleading doctrine.
Panel 2: The Dura Decision
Panelists will discuss the application of the Supreme Court’s 2005 decision Dura Pharmaceuticals, Inc. v. Broudo, which clarified the “loss causation” standard for private liability under Section 10(b) and Rule 10b-5 of the Exchange Act, including:
- The decision’s effect upon pleading requirements in misrepresentation cases.
- Can plaintiffs prevail as a practical matter where no “corrective disclosure” is made?
- The decision’s effect upon pleading requirements in stock price manipulation cases.
- The decision’s effect upon the running of the statute of limitations.
- Post-Dura decisions concerning “loss causation.”
Panel 3: The Stoneridge Case
This panel will focus on the potential outcome and effect of the upcoming Supreme Court Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc. decision (argued October 9th). Panelists will discuss the following questions:
- Will Central Bank be limited in scope?
- Will the definition of “primary participant” in a securities fraud be expanded ?
- Will defrauded investors’ liability options be narrowed?
- Must reliance be pled and proved by plaintiff?
Panel 1
Steven W. Hansen, Esq.
Moderator
Bingham McCutchen LLP
Brian E. Pastuszenski, Esq.
Goodwin Procter LLP
Glen Devalerio, Esq.
Berman DeValerio Pease Tabacco Burt & Pucillo
Panel 2
Andrew J. Hachey, Esq.
Moderator
Nixon Peabody LLP
Daniel W. Halston, Esq.
Wilmer Cutler Pickering Hale and Dorr LLP
Jeffrey C. Block, Esq.
Berman DeValerio Pease Tabacco Burt & Pucillo
Panel 3
Michael A. Collora, Esq.
Moderator
Dwyer & Collora, LLP
Thomas G. Shapiro, Esq.
Shapiro Haber & Urmy LLP
Lisa C. Wood, Esq.
Foley Hoag LLP
John D. Donovan, Esq.
Ropes & Gray LLP
Program Prices
$120 - BBA members
$155 - Non-Members
$85 - BBA Sponsoring Section Member
$65 - BBA Member Legal Services/Government Lawyer
$25 - Law Student
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