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Class Action Lawsuits Related to M&A Disclosure Violations
Class Action |
2011/01/24 11:37
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Class action security lawsuits are on the rise, with a large spike in federal litigation alleging disclosure violations in merger and acquisition transactions, according to a study by the Stanford Law School Securities Class Action Clearinghouse and Cornerstone Research. The study revealed the number of lawsuits related to M&A transactions increased 471 percent. The study also found that of all class action security suits in 2010, 15.4 percent of Standard & Poor's 500 healthcare companies were named defendants in a class action.
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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