HOT DOCS

Turner v. magicJack Vocaltec LTD (S.D.N.Y.)

COMPLAINT – Plaintiff shareholders claim magicJack (developer of internet phone systems) overstated earnings by inconsistently reporting doubtful accounts and billing adjustments, and claimed to be writing down chips while actually writing down finished products in order to hide slowing sales, among other tactics in violation of section 10(b) of the Exchange Act.

In re Computer Sciences Corp. Sec. Litig. (E.D. Va.)

MEMORANDUM OPINION - Lead plaintiff Ontario Teachers' Pension Plan Board has sufficiently alleged fraud action and class has been certified, on allegations that CSC made misleading statements about its internal controls, and performance of a National Health Service contract.

Sec. and Exch. Comm’n v. Sec. Investor Prot. Corp. (D.C. Cir.)

BRIEF – For the first time, the SEC used its authority under section 11(b) of SIPA to apply to the district court for an order requiring the SIPC to discharge its statutory obligations to protect the customers of any SIPC member. The request for an order that the SIPC initiate a liquidation of Stanford Group Company was denied, and the SEC appeals that denial.

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