Jessica Holloway

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At least three class action lawsuits have now been filed stemming from Facebook’s May 17 IPO, and there are surely more to follow. The first to be filed (Goldberg v. Nasdaq) names Nasdaq – not Facebook – as a defendant and alleges that the exchange “badly mishandled” the IPO, damaging class-members “in a variety of ways.”
Continue Reading Status Update: Multiple Class Action Lawsuits Following IPO

Today, Judge Baer adopted and upheld Magistrate Judge Maas’ decision not to assess a spoliation sanction in a declaratory judgment action relating to a construction contract. In an opinion issued on April 20, Judge Maas found that plaintiffs GenOn Mid-Atlantic, LLC and GenOn Chalk Point, LLC had acted at least negligently in failing to instruct FTI Consulting Inc. – a third-party that had assisted them in performing audits related to the relevant contract – to preserve relevant electronic documents. He concluded that the GenOn plaintiffs were “responsible for spoliation” but that no sanction was warranted because defendant “was not prejudiced by the spoliation.” (Our previous post on that decision is here)
Continue Reading Judge Baer Upholds Magistrate’s Denial of Spoliation Sanction for Failure to Issue Litigation Hold

In an opinion released yesterday in a securities case arising from a GE stock offering, Judge Cote granted defendants’ motion for reconsideration of the court’s partial denial of their motion to dismiss. Judge Cote agreed with the defendants that the misstatements underlying plaintiff’s Securities Act claims were either inactionable opinion, or immaterial as a matter of law. The ruling dismisses all Securities Act claims, and disposes of all claims against forty-two (of fifty-three) defendants in the case. Judge Cote was not reversing herself, however. The January 12, 2012 order she had been asked to reconsider was authored by Judge Holwell, who stepped down from the bench in February of this year.
Continue Reading Judge Cote Reconsiders Securities Ruling Judge Holwell Issued Before He Left the Bench