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August 07, 2026
NEW YORK — A federal judge in New York found that a crypto asset exchange was a statutory seller under Section 12(a)(1) of the Securities Act of 1933 only when it sold tokens from its own inventory but not when it matched customer buy and sell orders, partially resolving a threshold issue in exchange users’ putative class action alleging that the company sold unregistered securities.
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August 07, 2026
RICHMOND, Va. — A Fourth Circuit U.S. Court of Appeals panel reversed a lower court’s decision to certify a class of investors in their suit against The Boeing Co. and its former officials over alleged misstatements about the company’s emphasis on safety that artificially inflated the company’s stock price, finding that the investors did not provide a damages methodology tied to their theory of liability, as required by Comcast Corp. v. Behrend.
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August 07, 2026
TRENTON, N.J. — A federal judge in New Jersey denied a motion to dismiss investors’ putative class complaint alleging that three real estate investment trusts (REITs) and their external advisers and directors misled shareholders through proxy statements that omitted material information about charter amendments delaying liquidation and benefiting the REITs’ controlling executive, finding the omissions to be material.
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August 07, 2026
SAN FRANCISCO — Investors in two related cases filed notices of appeal after a federal judge in California dismissed their claims that Meta Platforms Inc. facilitated pump-and-dump investment schemes advertised on its Facebook and Instagram platforms, ruling in a single order that the claims were barred by the Securities Litigation Uniform Standards Act of 1998 (SLUSA).
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August 07, 2026
CHICAGO — A federal judge in Illinois granted a motion to dismiss fraud claims and claims sounding in fraud filed against an individual defendant and corporate defendant in a case brought by investors alleging that several individuals and two corporate defendants misrepresented the nature and profitability of investment securities involving cryptocurrency and other investments, finding that the investors failed to specify each defendant’s participation in the alleged fraud.
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August 06, 2026
ORLANDO, Fla. — A federal judge in Florida denied a new motion filed by the co-founder of a cryptocurrency foundation company seeking reconsideration of a ruling granting partial summary judgment to investors who sued the co-founder and the company over allegations that they sold the cryptocurrency without filing a registration statement, finding that a joint interpretation regarding the application of federal securities laws to certain types of crypto assets issued by the Securities and Exchange Commission and the Commodity Futures Trading Commission does not constitute an intervening change in law that would call for reconsideration of the order.
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August 06, 2026
NEW YORK — A Second Circuit U.S. Court of Appeals panel found that a complaint filed by investors in an Irish company against the company and its president for alleged fraudulent inducement was properly dismissed because the lower court correctly found that the company’s and its president’s contacts with New York were not sufficient to establish specific personal jurisdiction.
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August 05, 2026
DENVER — A 10th Circuit U.S. Court of Appeals panel affirmed a lower court’s dismissal of a broker-dealer’s suit against the Securities and Exchange Commission claiming that the SEC violated the Administrative Procedure Act (APA) by using a commission rule to impose Bank Secrecy Act requirements on broker-dealers, finding that the broker-dealer did not identify an unlawful final agency action as required under the APA.
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July 24, 2026
By Douglas W. Greene, Zachary R. Taylor and Carla Caliendo
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August 04, 2026
SAN FRANCISCO — Elon Musk filed a notice in a California federal court that he was appealing to the Ninth Circuit U.S. Court of Appeals an order mostly upholding a jury’s verdict against him in a class action brought by investors in the company formerly known as Twitter who say that Musk attempted to manipulate the company’s stock price before his takeover.
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August 03, 2026
SAN FRANCISCO — The Ninth Circuit U.S. Court of Appeals ruled that a stock purchaser was permitted to seek equitable indemnity for its alleged conversion in a third-party complaint against an administrative agent and broker over their alleged negligence in handling a stock transfer, finding that under California law, conversion is a strict liability tort.
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August 03, 2026
WASHINGTON, D.C. — A District of Columbia Circuit U.S. Court of Appeals panel ruled that the Securities and Exchange Commission was wrong to issue a “boilerplate” denial of a broker-dealer’s request for rulemaking to abrogate the Financial Industry Regulatory Authority’s arbitration rules, finding that the SEC must provide a more in-depth explanation for its denial.
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July 31, 2026
PASADENA, Calif. — A Ninth Circuit U.S. Court of Appeals panel affirmed a lower court’s summary judgment order in favor of the Securities and Exchange Commission and the remedies imposed against a municipal securities adviser and one of its founders for breaching their fiduciary duties in providing municipal advisory services, finding that the lower court was within its discretion in ordering a permanent injunction, as well as disgorgement and civil penalties.
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July 31, 2026
WASHINGTON, D.C. — The Securities and Exchange Commission has proposed Regulation E-Delivery (Reg E-Delivery) to expand the ability of issuers, broker-dealers, investment advisers and others to satisfy information delivery requirements using electronic delivery.
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July 30, 2026
NEW YORK — A Second Circuit U.S. Court of Appeals panel affirmed the dismissal of investors’ putative securities fraud class action against a virtual health care service provider and certain of its executives regarding alleged misstatements they made after the company’s $18.5 billion merger with another health care company, finding that the investors had not adequately alleged scienter.
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July 29, 2026
SAN FRANCISCO — A Ninth Circuit U.S. Court of Appeals panel affirmed dismissal, finding that an investor’s securities fraud class action against a solar energy company, certain former executives and controlling entities alleging misleading statements about product defects failed to allege falsity.
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July 15, 2026
NEW CASTLE, Del. — The Delaware Supreme Court affirmed a lower court’s finding that a China-based company did not prove its loyalty- and care-based fiduciary duty claims against an investment fund and its principal in a failed investment attempt and that the investment fund breached its duty of candor, but it reversed the lower court’s award of $15.83 million in attorney fees and expenses to the company because the company prevailed on only a single issue.
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July 10, 2026
SAN FRANCISCO — In an order on posttrial motions, a federal judge in California mostly upheld a jury’s verdict against Elon Musk in a class action brought by investors in the company formerly known as Twitter who say that Musk attempted to manipulate the company’s stock price before his takeover, granting his motion for judgment as a matter of law only as to his May 17, 2022, tweet because the investors failed to provide substantial evidence to support a finding of loss causation with respect to that tweet.
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July 10, 2026
SAN FRANCISCO — A federal judge in California dismissed without prejudice investors’ securities fraud class action against a materials science company and two of its officers for alleged misstatements regarding the company’s Chinese subsidiary that the plaintiffs alleged led to a drop in the company’s stock price, finding that the plaintiffs failed to allege scienter or loss causation.
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July 10, 2026
NEW YORK — After a Second Circuit U.S. Court of Appeals panel affirmed a judge’s dismissal of an investors securities fraud class action against a digital advertising and services technology company and certain of its directors and officers alleging that the defendants committed securities fraud by making material misrepresentations about the company’s search advertising business that caused the company’s stock price to drop, a federal judge in New York issued an order amending the action to make certain clarifications.
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July 10, 2026
BOSTON — A federal judge in Massachusetts dismissed an investor’s putative securities class action against a biotechnology company, certain officers and directors, as well as the underwriters of its initial public offering (IPO) for allegedly omitting information from the company’s registration statement in violation of federal securities laws, finding that the investor did not plausibly identify an unlawful omission.
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July 08, 2026
By Laurent Samuel, Greg Leonard, Nicole Moran, Jerrod Attias and Jonas Dalmazzo
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July 09, 2026
NEW YORK — In what it said was an issue of first impression in the circuit, a Second Circuit U.S. Court of Appeals panel determined that the provisions of an investment funds’ agreements to purchase derivatives from Bed Bath & Beyond Inc. (BBBY) that prevented the fund from obtaining more than 9.99% of the retailer’s common stock at one time, known as “blockers,” effectively prevented the investment fund from becoming a 10% beneficial owner subject to short-swing profit liability under Section 16(b) of the Securities Exchange Act of 1934.
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July 09, 2026
KANSAS CITY, Kan. — A federal judge in Kansas granted proxy advisers’ motions to preliminarily enjoin Kansas Attorney General Kris Kobach from enforcing the state’s recently passed Proxy Advisory Transparency Act, also known as SB 375, agreeing with the proxy advisers that the new law discriminates based on viewpoint and violates their First Amendment rights.
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July 09, 2026
CAMDEN, N.J. — Investors filed a notice of appeal to the Third Circuit U.S. Court of Appeals of a federal judge in New Jersey’s dismissal of their putative securities fraud class action against Verizon Communications Inc. and certain of its executives over alleged misstatements regarding miles of lead-sheathed copper wire.