Class Actions Blog

Posts Tagged ‘securities class action’

Securities class action filed against Facebook relating to data provided to Cambridge Analytica

Posted on: March 27th, 2018 by Steve Larson

Shareholders of Facebook stock sued the social media giant alleging that Facebook made misleading claims about its use of user data, which blew up this month when its alleged relationship to a Trump-linked data firm was made public. Shares of Facebook’s stocks toppled more than $20 over two days earlier this week after the New York Times and the Observer of London reported that Facebook did not tell users that their private data was being harvested by Cambridge Analytica, a political data firm with ties to President Donald Trump’s 2016 campaign.

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U.S. Supreme Court says state courts may continue to hear securities class actions

Posted on: March 22nd, 2018 by Steve Larson

In an important decision for investors, the U.S. Supreme Court ruled on March 20, 2018, that state courts can continue to hear certain securities class actions brought under federal law. In the unanimous decision, the court said that amendments to the federal Securities Act of 1933 do not give the federal courts exclusive jurisdiction over covered class actions brought under the law.

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Yahoo agrees to $80 million settlement of securities class action arising out of data breach

Posted on: March 15th, 2018 by Steve Larson

The parties to a class action against Yahoo arising out of a data breach involving the personal information of 1.5 billion users announced a settlement of the claims of investors that the risks were not disclosed. The investors alleged that the company intentionally misled them about its cybersecurity practices in the wake of massive hacks. Read more…

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LJM Preservation and Growth Fund sued in class action

Posted on: February 15th, 2018 by Steve Larson

LJM Preservation and Growth Fund lost 80 percent of its value betting the wrong way on market turmoil in the first week of February. Now, it has been named in a proposed securities class action alleging the company and its executives lied to investors about its strategy. The suit seeks to represent a class of investors who held shares in the LJM Preservation and Growth Fund between February 28, 2015, and February 7, 2018.

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ComScore settles investor class action for $110 million

Posted on: January 22nd, 2018 by Steve Larson

Investors in a class action against media analytics company comScore Inc. asked a New York federal judge on January 12th to approve a $110 million settlement. The class action alleged intentional miscalculations the company’s accounting department made that caused artificial stock value inflation and led to heavy losses. Under the settlement if approved, comScore will pay the class $27 million in cash, as well as stocks valued at $82.7 million. There are potentially thousands of shareholders who saw their share prices fall more than 33 percent after the company announced it needed to recalculate three years of incorrect financial statements.

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Brazilian oil corporation, Petrobas, agrees to $3 billion securities fraud settlement

Posted on: January 17th, 2018 by Steve Larson

Shareholders of Brazilian oil giant, Petrobas, have obtained a nearly $3 billion settlement of a class action alleging that the energy company concealed kickbacks that top officials and their political patrons received in exchange for directing Petrobras to buy and build production facilities at inflated prices. After the scandal emerged as part of a sweeping corruption investigation in Brazil, the price of Petrobras’ American depositary receipts plunged.

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This blog is intended to provide information to the general public and to practitioners about developments that may impact Oregon class actions.

About the author

  • Steve Larson

  • Steve Larson
  • Steve Larson has been representing investors, consumers and employees in class actions in Oregon for over 20 years. He is a shareholder at the law firm of Stoll Berne in Portland, Oregon.
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