Main

Daily Posts

March 2009
Sun Mon Tue Wed Thu Fri Sat
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31

About SLW

Events

Subscribe

Email Alerts

Subscribe and receive email alerts when new articles are published!

Enter Your Email Address

U.S. Code

Code of Federal Regulations

Wednesday, December 5, 2007

The Kiss of Death?

More than a year ago, we noted that a new blog, authored by a plaintiff side law firm had appeared. As quickly as it was noticed, it was gone.

Well, we are happy to say that another plaintiff side law firm has decided to start a securities litigation focused blog.

PomTalk, "The Blog for Institutional Investors," is a collaborative effort put out by Pomerantz Haudek Block Grossman & Gross, a/k/a "The Pomerantz Law Firm."

Welcome to the blogosphere, PomTalk. Try and stick around...

Tuesday, October 2, 2007

Welcome to Securities Litigation Watch's New Address

Welcome to the new home (and address) of Securities Litigation Watch.

We have been integrated into the newly rebranded RiskMetrics Group.

Please drop us a line if you experience any difficulties with the RSS feeds, subscriptions, or anything else.

Thursday, August 23, 2007

We're Back (again)

Dear Reader:

Sorry for the radio silence. To paraphrase Yogi Berra, life has a funny way of keeping you busiest when you have the least time for it. But now that our cloning project has been successful, regular posting by Adam #3 will begin again.

yogi.jpg

Thanks for hanging in there.

Adam


Sunday, February 11, 2007

Welcome Back

Welcome to the new, freshly updated Securities Litigation Watch.

I am your new host, Adam Savett, and I'm the Vice President, Product & Market Segment Manager for Securities
Class Action Services
at ISS.

A number of you may have read my musings on securities litigation at my old blog, Lies, Damn Lies, & Forward Looking Statements.

For those that are not readers of my old blog, or former colleagues, I'll take a brief moment to introduce myself.

I am a recovering attorney, having spent the past six years as a practicing securities litigator at firms in Philadelphia and Washington, D.C. During that time I represented and advised institutional investors, including public and private pension funds as well as Taft-Hartley plans, in all aspects of securities litigation, and had primary day-to-day responsibility for my firm’s institutional investor portfolio monitoring programs.

Now I manage the suite of Securities Class Action Services products for ISS. These products make ISS the only firm that delivers a complete, outsourced class-action service to specifically help institutional investors meet their fiduciary responsibilities.

The purpose of this blog is to both educate and entertain as we discuss the wild and sometimes wacky world of securities litigation. Readers are strongly encouraged to send in story ideas or tips or even guest posts if a topic is near and dear to your heart.

And so, without further adieu, let the blogging begin...

Monday, October 23, 2006

Life "Above the Law"

Nathan Carlile of the Legal Times has this lengthy and occasionally quite funny profile of David Lat, who writes the Above the Law blog we previously discussed here.

Reflecting upon Lat's highly unusual journey that has led to him to a career as a legal blogger, the article concludes by comforting us that

if this doesn’t last — and if, eventually, Lat’s story becomes just the familiar cautionary tale about a federal prosecutor who poses as a woman to post gossip on the Internet only to be exposed by a New Yorker writer and sign a lucrative blogging deal — he says things will still be OK.

Thursday, September 21, 2006

"Dealbreaker" and "Above the Law"

Looking for a way to spend some of that spare non-billable time while still staying firmly on topic?  Check out Dealbreaker.com and AbovetheLaw.com, two relatively new sister blogs that cover the "gossip"/cocktail party discussion-side of Wall Street and law, respectively.  We're just getting to know Above the Law, but Dealbreaker is already firmly on our good side due to its blanket coverage of SLW-favorites David Pajcin and Eugene Plotkin

Tuesday, August 15, 2006

SLW Turns 3

Candle

Securities Litigation Watch entered the blogosphere 3 years ago today, with this rookie-caliber post about an SEC subpoena enforcement action against RJ Reynolds.  These first 3 years of SLW-ing have been fun, educational, and rewarding in many ways, and I appreciate the many readers who have offered feedback and encouragement along the way.

Thanks!
Bruce Carton

Tuesday, August 8, 2006

Xethanol Watch!

Xethanol Corp., the first "skeweree" of the Mark Cuban-backed Sharesleuth.com, appears to have begun tanking today following the negative investigative piece posted yesterday by Sharesleuth.com.  The stock was down over 13% on far greater-than-normal volume. 

Will the Sharesleuth.com money machine actually work?  Stay tuned!

XETHANOL CORPORATION (AMEX:XNL) Delayed quote data
Last Trade: 5.95
Trade Time: 4:00PM ET
Change: Down 0.96 (13.89%)
Prev Close: 6.91
Open: 6.47
Bid: N/A
Ask: N/A
1y Target Est: N/A
Day's Range: 5.70 - 6.50
52wk Range: 2.30 - 16.18
Volume: 894,600
Avg Vol (3m): 387,425
Market Cap: 156.61M
P/E (ttm): N/A
EPS (ttm): -0.74
Div & Yield: N/A (N/A)

Monday, August 7, 2006

Always the Maverick, Part II

As previewed here, the Mark Cuban-backed Sharesleuth.com issued its first investigative piece today, absolutely skewering a company called Xethanol Corp.  You may recall the Sharesleuth.com concept discussed in the earlier post:  Cuban backs the Sharesleuth.com investigations/journalism, and tells the world right up front that he is going to be trading and/or shorting the stocks discussed in the Sharesleuth.com articles in advance of the articles' publication.  Indeed, today's article discloses that Cuban has already shorted 10,000 shares of Xethanol Corp. 

So everything seems to be clicking along according to plan for Cuban and Sharesleuth.com (find a company to skewer--check; write the article--check; short the stock pre-publication--check; publish the article--check) except for one thing:  despite the publication of the negative article at 10:05 am, the stock price has remained virtually unchanged (it closed at $6.95/share on Friday according to the article and closed today just 4 cents lower at$6.91/share, on below average volume). 

What's the problem here with this sure-fire money machine?  Why isn't the stock going down?  Does the market not find the Sharesleuth.com analysis persuasive?  Is nobody reading Sharesleuth.com yet? 

Come on, people!  Don't you realize that journalism paid for by short-sale profits can't sustain itself if the stock doesn't go down post-publication?

Thursday, July 6, 2006

Sharesleuth.com Launches

Mark Cuban's Sharesleuth.com, discussed in detail here, appears to have launched July 1.  The site, which is laid out in blog format, says to look for its first investigative report in a "few weeks."  There is no indication of what the report will be about but if you can figure out which securities Mark Cuban is buying in the next few weeks that should give you a pretty good idea!

Thursday, June 15, 2006

Switching to Feedburner

I've consolidated the RSS feeds for this blog into one Feedburner feed.  Your existing RSS feed should continue to work, however, and this change should be invisible to you.  That's a big "should," of course.

If you find that your RSS feed for Securities Litigation Watch is no longer working properly, kindly let me know in the comments or by email so I can try to fix anything I've broken!

Monday, June 5, 2006

Mr. 10b-5 Daily Moves On to LeBoeuf Lamb

Lyle Roberts, author of the excellent blog The 10b-5 Daily, has left Wilson Sonsini in favor of a partnership with the DC office of the law firm LeBoeuf Lamb.  We learned about this from a post on his blog, of course (how else?).

Hopefully The 10b-5 Daily, which Lyle appears to have packed up and taken with him, will live on!

Tuesday, April 25, 2006

The Arrival of the CEO Blog

Way, way down the list of notable items about the departure of Sun Microsystems CEO Scott McNealy and the announcement of Jonathan Schwartz as his replacement is this:  there is now at least one high-profile CEO with an active blog.  As discussed here and here, Schwartz is the author of Jonathan's Blog, which actively discusses goings-on over at Sun. 

The naming of Schwartz as CEO leads to entertaining leads such as this one in the CNN article linked to above:

"In a Hail Mary move to save the company, Sun Microsystems has just appointed a ponytailed blogger as its CEO."

Thursday, April 6, 2006

SLW Denies Defunctness

Saw this post on Point of Law about a blog called Epiphany that compiled this list of defunct/inactive legal blogs and I visited the Epiphany site to see if the sorely-missed Corp Law Blog was on the list.  Corp Law Blog was on the list...but Securities Litigation Watch was also on their list of "inactive legal blogs" that supposedly have had no new postings for more than a month!

Objection!

Thursday, March 23, 2006

SLW Contest

We're still working on getting those SLW T-Shirts so no there's real prize, but Total Consciousness will be awarded to the reader who can answer this way-too-obscure question involving useless information:

What "SEC first" that launched a trend that continues to this day occurred on September 1, 1998?

Clue: It relates to the Enforcement Division and the answer lies in this SEC Litigation Release.

Tuesday, March 21, 2006

New Securities Litigation Blog: "Lies, Damn Lies, & Forward Looking Statements"

Welcome to Adam Savett and his new blog "Lies, Damn Lies, & Forward Looking Statements," which sets out to be "a look at the wide world of securities litigation from the eyes of a plaintiffs' attorney."

If Adam is half as good at blogging as he is at winning blog contests such as this and this, "Lies, Damn Lies..." should be great.

Monday, March 13, 2006

SLW Lives

Sorry for the lack of posts here over the past week.  SLW was down and out with the flu, despite the fact that SLW got a flu shot.  But we're pretty much back in action, gathering strength, getting ready to post again when energy reaches "Blog Posting" levels (we're not there yet--energy currently has only reached  "Posting about the possibility of posting soon" level.  Big difference).

Wednesday, February 22, 2006

ISS Launches "Corporate Governance Blog"

ISS launched a new corporate governance blog today called, well, "Corporate Governance Blog."  As ISS says in this press release,

The ISS Corporate Governance Blog is expected to be the Web’s most comprehensive compilation of institutional level corporate governance content, including information on emerging corporate governance trends, proxy voting, social and environmental issues, shareholder meeting commentary, compliance considerations and other areas of interest to both global institutional investors, corporate issuers and industry constituents.

I expect to contribute to this new blog periodically so there will likely be some securities litigation content on there, as well.

Thursday, February 2, 2006

"Schmoozing" Re-Defined

I recently recommended the now month-old "Let the Good Times Roll" blog written by venture capitalist Guy Kawasaki.  As I mentioned, his blog's amusing tag-line reads,

"Blogger. n. Someone with nothing to say writing for someone with nothing to do."

On the "nothing to say" part, Kawasaki is just being modest because he consistently writes thought-provoking posts about his experiences in the business world.  Yesterday, for instance, he wrote about the "Art of Schmoozing," and included the following definition of schmoozing that I found particularly interesting and even somewhat inspirational:

Understand the goal. Darcy Rezac in his book, The Frog and the Prince, wrote the world's best definition of schmoozing: “Discovering what you can do for someone else.” Herein lies eighty percent of the battle: great schmoozers want to know what they can do for you, not what you can do for them.  If you understand this, the rest is just mechanics.

Tuesday, January 31, 2006

Welcome to "The Quant"

University of Maryland Law Professor Richard Booth has leaped into the blogosphere with his new blog, The Quant.  His blog is "about the intersections of law, business, finance, economics, and statistics" and looks like it will include some interesting securities litigation material.  And no, I'm not just saying this because (a) I was once Prof. Booth's student at Maryland Law School and (b) I later had the somewhat odd experience of taking his deposition as the opposing party's expert witness in a securities class action (true story).

His maiden post, entitled "The End of the Securities Fraud Class Action as We Know It" is a summary of a November 2005 article he published that argues that securities fraud actions should all be treated as derivative actions, and  should be dismissed unless insiders have enjoyed gains from trading during the fraud.  The full article can be downloaded here.

Good luck and have fun, Prof. Booth!

Thursday, January 19, 2006

The "Let the Good Times Roll" Blog

Interesting new blogs continue to pop up almost daily lately.  My most recent discovery is Let the Good Times Roll, by "evangelist, entrepreneur, investment banker, and venture capitalist" (not to mention author)  Guy Kawasaki. 

I particularly like his definition of "blogger":

"Blogger. n.  Someone with nothing to say writing for someone with nothing to do."

Tuesday, January 17, 2006

Welcoming "Truth on the Market" to the Blogosphere

A promising new business law blog went live today called "Truth on the Market." TOTM will "provide commentary on law, business, economics and more," including securities litigation. 

The blog is written by six "young turk" professors who "teach and write in the business law area, broadly defined."  They boldly add that

"We are aware of recent statements that blogging should be avoided by junior faculty. We are all junior faculty here and thus obviously disagree."

I like them already.  Good luck, Truth on the Market.

Wednesday, January 4, 2006

WSJ's Law Blog: Good Stuff

Take a look at what is happening today with the WSJ's new Law Blog.  This is exciting stuff and presents a model that should be eye-opening to people in both the mainstream media as well as the blog world.

This morning, blogs and news outlets reported on an interesting insider trading  prosecution against a former securities trader who bought stock after learning confidential information about a planned corporate acquisition from his live-in girlfriend, an attorney at a major New York law firm who was working on the transaction.  According to this SEC Litigation Release,

[O]n or before July 1, 2004, [Lee] Edelman learned about the acquisition negotiations while living with his girlfriend, an associate at a prominent New York law firm retained by Applied Materials. Edelman was present while the attorney, working in their apartment, reviewed deal documents and discussed the transaction on the phone with colleagues. Edelman used this information to secretly begin acquiring Metron shares beginning on July 1, 2004. Several days later, Edelman’s girlfriend directly told him that she was working on an acquisition of Metron, but cautioned him that he could not use the information for any purpose. Edelman agreed not to misuse the information. Unbeknownst to his girlfriend and despite their agreement, Edelman continued acquiring Metron shares.

All of the blogs and newspapers that I saw pretty much reported the facts above and moved on (although the San Francisco Chronicle threw in the juicy tidbit that shortly after after he betrayed his girlfriend's trust the boyfriend dumped her, to boot)!  There was no indication in the earlier reporting as to which law firm was involved nor the circumstances behind the discovery of the trading.

But now into the fray comes the Law Blog.  Presumably leveraging the resources of  WSJ reporters or at least the WSJ name, the Law Blog threw this post on the fire earlier today:

Weil Gotshal confirmed to us that it represented Applied Materials in that deal and that the unnamed lawyer in the government’s complaint was an associate at their firm. In a prepared statement, a Weil spokesperson said, “Our former associate brought this matter to our attention when she saw Mr. Edelman’s name on a list of individuals who had traded in the stock which had been sent from the NASD as part of its routine market surveillance operations. The Firm and the associate then immediately brought this matter to the attention of the Securities & Exchange Commission.”

In short, the Law Blog model seems to be pretty powerful and the Law Blog apparently has a nice scoop in Day 3 of its existence.

Tuesday, January 3, 2006

WSJ Rolls Out the "Law Blog"

The WSJ has introduced an interesting new blog for 2006 called the "Law Blog."  The Law Blog's mission?  "To scour the universe for compelling stories in two related areas: business and law, and the business of law."

As I view a big part of SLW's "mission" to be the "business of securities litigation," I expect that the Law Blog will be an interesting source of information for SLW readers.  The Law Blog's lead writer is Peter Lattman, formerly a reporter with Forbes Magazine (and a fellow recovering lawyer).

Friday, December 16, 2005

TypePad Down and Out

TypePad, the service that hosts this blog, was down and out for pretty much the whole day.  Even now, none of the posts from this week are showing up on SLW (only the posts from December 8 or earlier are appearing below as I type this). 

Please check back--hopefully they'll get their act together soon.

UPDATE:  All posts are now appearing.... 

Thursday, December 8, 2005

Web 2.0 and Beyond...

The legal technology bloggers write often about "Web 2.0" and the various ways that it will transform everything, including the legal profession.  I'm not even close to being on the cutting edge of this revolution--indeed, I really just started to appreciate the power of RSS in the past few months.

But let me blow your mind a bit by applying some Web 2.0 tools to the securities litigation world that are really quite cool .  Here we go....

Let's say you are a loyal reader of the 10b-5 Daily, the PSLRA Nugget and Securities Litigation Watch.  In the old days (2004 for some of you, this morning for others!) you'd have these sites bookmarked and you'd visit them when you felt like it.  Sometimes there would be new content posted for you to read, but other times there would not be.

Then, however, you learned about RSS.  You set up a free RSS feed reader such as Bloglines and entered the RSS feeds for these blogs into the "My Feeds" section.  Your blog reading habits changed at this time because instead of going from blog to blog, you now simply went to Bloglines, saw which of your favorite blogs had new posts, and read those posts through Bloglines.

NOW... It gets even more interesting, and this is where some of the Web 2.0 concepts come in.  A service like Supr Glu will permit you to create your own personal website that "glues" your favorite feeds together.  A website is worth a thousand words in explaining this so just go to this Supr Glu link ("Securities Litigation World") that I created yesterday in about 5 minutes.  Go ahead... Look.  Ponder.  Marvel... Now all of your favorite blogs are consolidated and updated in real-time in one place!

AND FINALLY ... Notice that the Supr Glu site that I created has its own RSS feed.  So you can have a feed coming from the newly created  "Securities Litigation World" that combines posts from all three of the blogs above and send it to your My Yahoo! page or wherever you want.

I know that I am only scratching the surface here.  I would love to hear from anyone out there who can expound on any of this.

Friday, December 2, 2005

Enter the Securities Litigation Blogosphere

The following article appears in the December 2005 SCAS Alert.  To me, it is just another great example of the power of the blog as a marketing tool.  Our monthly newsletter goes out to hundreds if not thousands of institutional investors, lawyers, accountants, consultants and so on, all of whom have now been "referred" by a source they trust (I hope) to the lawyers and professors who write the blogs below.  With two exceptions (Lyle and Broc) I have never met any of the bloggers below personally, yet I feel like I have a good sense of their expertise, creativity and initiative through their blogs.  There are no doubt many securities lawyers out there with similar expertise, creativity and initiative, but the bottom line is ... I've never heard of you.

Enter the Securities Litigation Blogosphere
by Bruce T. Carton

Sure, you have your once-a-month dose of securities litigation news from the SCAS Alert, but what else is out there that can help you keep up with developments in this area each day? 

Increasingly, institutions, issuers, law firms and others that need to stay on top of this area are turning to web logs, or “blogs,” for timely information and analysis.  The great news is that these blogs are completely free and, for the most part, are thoughtfully written by lawyers and others who are experts in the field.  With respect to these blogs, the expression, “You get what you pay for” is quite off-target.

Below is my list of the best blogs in the securities litigation world:

  • Securities Litigation Watch:  In the interest of full disclosure, this blog is actually written by me.  But don’t let that stop you.  SLW, which I started in August 2003, strives to be a valuable, timely, and sometimes even humorous resource for anyone interested in developments involving securities class actions, SEC enforcement and the overall securities litigation “business.” 

  • The 10b-5 Daily:  This blog is written by Lyle Roberts of the law firm Wilson Sonsini Goodrich & Rosati, and was, to my knowledge, the first blog published on the subject of securities litigation (it dates back to May 2003).  In its own words, The 10b-5 Daily “is devoted to tracking news and events relating to securities class actions brought on behalf of investors against companies, with an emphasis on judicial developments.” 

  • The PSLRA Nugget:  This blog, a relative newcomer that debuted in June 2005, is written by Christopher Jones of the law firm Milberg Weiss Bershad & Schulman. “The Nugget” focuses on securities class action case law, and typically features and analyzes one judicial opinion each day.

The three blogs above are the only ones, to my knowledge, that focus solely on securities litigation.  However, the blogs listed below also feature securities litigation-related posts from time-to-time, and are very much worth tracking:

  • TheCorporateCounsel.net: Former SEC attorney Broc Romanek writes this popular blog that focuses on corporate and securities law.

  • Houston’s Clear Thinkers: Houston attorney Tom Kirkendall writes this blog that focuses on law and business.

  • ProfessorBainbridge.com: UCLA Corporate Law professor Stephen Bainbridge writes this blog that he describes as an “eclectic mix” of law, business, politics and many other subjects.

If you are new to the world of blogs and wish to broaden your sources of securities litigation news and analysis, I recommend that you start with the blogs featured above.  I think you will quickly see that blogs such as these can be an invaluable tool for keeping up with this area and the industry.

Wednesday, November 30, 2005

Welcome to BlawgWorld

My post from January 4, 2005 entitled "2004: The Year in Review" was selected to appear in a new book called "BlawgWorld 2006: Capital of Big Ideas," which collected and published posts from 51 of the "most influential" law-related blogs.  To see what my section of the book looks like, click here.

A free copy of the entire book can be obtained by registering here.

Monday, October 3, 2005

Not Even a Blog!

It is non-securities litigation related, but I think this Ninth Circuit opinion (see page 29) helps show where bloggers stand in that court.  According to Judge Kozinski's dissent,

"[T]he judge has offered nothing at all to justify his actions - not a case, not a statute, not a bankruptcy treatise, not a law review article, not a student note, not even a blawg."

Not even a blog?!  That judge couldn't even find himself a blog post to support his actions?! Geez, that's pathetic.

I'm actually relieved Judge Kozinski didn't continue after "not even a blawg," because he was already so far down the Authority Pecking Order that I'm pretty sure the next item was going to be something like "not a syllabus from a community college pre-law class" or "not a note from his mother."

Wednesday, August 31, 2005

A Note to SLW E-Mail Subscribers

The people of Chester, IL erected this statue of Popeye in honor of creator Segar.

"That's all I can stands, I can't stands no more."--Popeye

SLW is switching over from Bloglet to FeedBlitz for email alerts of new posts, effective immediately.  If you previously subscribed via Bloglet, you need not do anything to continue receiving email alerts--your email alerts should automatically continue to come to you via FeedBlitz.  If you were unable to subscribe previously due to problems with Bloglet and wish to do so now, please try again with the "Subscribe Me" box in the upper right-hand corner of this page.

Wednesday, June 15, 2005

Waiting for the Comeback

Caddyshack (1980)

Judge Smails: I've sentenced boys younger than you to the gas chamber. Didn't want to do it. I felt I owed it to them.

The time has come (sobbing sound) to take Corp Law Blog off (more sobbing) of my list of "Securities Blogs."  Didn't want to do it, that's for sure.  Felt I owed it to Corp Law Blog.

Corp Law Blog was my single greatest inspiration for starting SLW.  In its heyday, Corp Law Blog was absolutely prolific and consistently insightful.  But the posts dwindled down to a few per month, and then down to nothing for many, many months--the last post appears to be from October 2004.

I choose to believe that Corp Law Blog will be back, and that this is just a "Michael Jordan playing baseball" type of hiatus.  So, Corp Law Blog, goodbye for now and we will check in every once in a while to see when you're back.

Friday, May 20, 2005

Have a Great Day!, Part II

When you realize your blog is mentioned in an article entitled, "The Five Dumbest Things on Wall Street This Week," and then you realize that your blog is not included as one of the Five Dumbest Things, it's a great day!

Monday, May 2, 2005

We're Back

SLW is back in action.

Friday, April 8, 2005

A Minor Delay

"Minor surgery is when they do the operation on someone else, not you." -- Bill Walton


Following "minor" knee surgery #2 (relative to this one), SLW will be taking a brief hiatus.  The blogging will resume when morale improves.  Which should be soon, I hope.

Tuesday, February 1, 2005

Financial Times: "Gain an Edge in the Blog Zone"

Let's hear it for Financial Times writer James Altucher, who clearly knows a good blog when he sees one.  Discussing his seven favorite blogs, Altucher writes:

Securities Litigation Watch (slw.issproxy.com)

Finding investment returns largely consists of two tasks, finding value and avoiding corruption. Both are extremely difficult. Securities Litigation Watch, run by Bruce Carton, executive director of ISS Securities Class Action Services and a former corporate lawyer, provides a constant update into the latest scandals and investigations.  Another useful blog that he often links to is www.the10b-5daily.com run by Lyle Roberts, lawyer for Wilson Sonsini. And for those CEOs out there, see his latest entry: "Don't you hate it when your wife ignores your specific 'entreaties' that she not share inside information about your publicly traded company with her brother, and gets sued by the SEC?"

Saturday, September 13, 2003

New Web Address for Securities Litigation Watch

Securities Litigation Watch has moved to its new, permanent web address: http://slw.issproxy.com

Kindly update your bookmarks and links. Thank you.

   
 
About RiskMetrics Group | Disclaimer

Copyright © 2007 RiskMetrics Group


Powered by Movable Type 3.36