Week Ahead in Securities: June 21, 2021 – Reuters
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(Reuters) – Here are some upcoming events of interest to the securities law community. Unless otherwise noted, all times are local, and court appearances are virtual due to the COVID-19 pandemic.
Monday, June 21
9:00 a.m. – U.S. District Judge Jon Tigar in Oakland will hold a pretrial conference in a proposed shareholder class action alleging social media giant Twitter inflated its share price in 2015 with misleading statements about its user engagement metrics. While most shareholder lawsuits are dismissed or settle, the case is set for trial in September.
Twitter has denied the allegations. The case is In re Twitter Inc. Securities Litigation No. 16-cv-05314. For plaintiffs: Tor Gronberg of Robbins Geller Rudman & Dowd and others. For Twitter: Kathleen Goodhart of Cooley and others.
10:00 a.m. – Funds invested in mortgage-backed securities will urge the 2nd U.S. Circuit Court of Appeals in New York to reverse a judgment against them in a dispute over proceeds from the $5.4 billion sale of the Stuyvesant Town apartment complex in Manhattan. The Appaloosa Management funds say profit from the sale should have gone to them, because the property’s mortgage was part of the pool they invested in, rather than the loan servicer and lender.
The case is Appaloosa Investment LPI et al. v. Federal Home Loan Mortgage et al., 2nd U.S. Circuit Court of Appeals, No. 20-1708. For Appaloosa: Thomas Redburn Jr of Lowenstein Sandler. For CWC: Gregory Cross of Venable. For FHFA: Christopher Johnson of McKool Smith.
10:00 a.m. – U.S. District Court Judge John Tharp Jr. in Chicago will sentence former Deutsche Bank AG trader James Vorley on seven counts of wire fraud for manipulating the precious metals futures markets by placing fraudulent orders using a tactic known as spoofing. He was convicted alongside former colleague Cedric Chanu in September. Prosecutors have said he should serve more than four years in prison, while Vorley’s attorneys have asked for time served.
The case is U.S. v. Vorley et al., U.S. District Court, Northern District of Illinois, No. 18-cr-00035. For Vorley: Roger Burlingame of Dechert. For the government: Avi Perry of the DOJ Criminal Division, Fraud Section.
Wednesday, June 23
10:00 a.m. – Petróleos de Venezuela SA will urge the 2nd U.S. Circuit Court of Appeals in New York to reverse a $150 million judgment in favor of bondholder Dresser-Rand Company in a dispute over the Vezezuelan state-owned oil company’s default on the notes.
The case is Dresser-Rand Company v. Petroleos de Venezuela SA, 2nd U.S. Circuit Court of Appeals, No. 20-1990. For Dresser-Rand: Kim Watterson of Reed Smith. For PDVSA: Dennis Tracey III of Hogan Lovells US.
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