China-based company’s victory in securities fraud case reversed on appeal
On 1 August 2012, the Court of Appeals for the Second Circuit revived a putative securities fraud class action lawsuit against China North East Petroleum Holdings Ltd. (NEP), a China-based crude oil production company whose stock was traded on the New York Stock Exchange. Reversing the trial court, which had dismissed the case, the Court of Appeals held that the recovery of NEP’s stock price to a level above the price paid by the plaintiff did not necessarily preclude the plaintiff from proving that it had suffered an economic loss as a result of the alleged fraud.
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California’s first carbon allowance auction on 14 November 2012 featured plenty of demand but a lower-than-expected closing price, based on results released on Monday by the California Air Resources Board.
The FTC announced a potentially groundbreaking settlement with the social networking app Path and released an important new staff report on Mobile Privacy Disclosures late last week.