Important Developments in Securities Litigation in 2008

摘要

In 2008, we have witnessed significant activity in the field of securities litigation, fueled in part by an increased number of class action filings over prior years. The year began with an important decision from the United States Supreme Court, Stoneridge Investment Partners LLC v, Scientific-Atlanta, Inc., which has been called the most important securities decision of this generation. As discussed below, that opinion reinforced for the benefit of all potential defendants the mandatory requirement of pleading reliance separately as to each defendant's statements or conduct. Another important development this year has been the proliferation of securities claims arising out of the ongoing subprime mortgage/credit crisis. Courts are beginning to rule on motions to dismiss in these cases and, thus, we now know which arguments have proven to be most successful for defendants. And finally we will address recent trends in Delaware corporate law regarding issues of standing to bring suit, the need to plead demand futility, and how courts have resolved recent M&A cases.