Shareholders Claim SolarWinds Failed to Disclose Info About Massive Hack

Shareholders of Austin-based software firm SolarWinds claim in a federal class action lawsuit filed Monday that management misled investors by failing to disclose in public filings software vulnerabilities that ultimately led to a massive hack that affected over 18,000 private and government clients.

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Before Stock Trades, Georgia Senator Faced Scrutiny Over Dollar General Sale

Lawsuits filed in Tennessee accused then-CEO David Perdue and the rest of Dollar General’s board of directors of breaching their fiduciary duties to shareholders, failing to disclose details about the deal and placing their personal interests ahead of those who held stock in the company.

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Boards of Directors

A federal court dismissed a suit against a 2018 California law that requires publicly traded corporations to include at least one woman on their board of directors. A shareholder of OSI Systems claimed the law impairs his right to vote for the company’s board of directors but the court ruled he failed to identify a concrete injury under the Equal Protection Clause.

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Investors Slam Canadian Cannabis Company Over Use of Unlicensed Facility

A cross-border securities class action against Canadian cannabis company HEXO Corp. alleges the company inflated revenue figures, misstated inventory, and grew cannabis in an unlicensed facility leading to hundreds of millions of dollars in market capitalization loss.

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Court Tosses Suit Over Self-Reported Exec Misconduct at LendingClub

A derivative action against online loan platform LendingClub Corp. alleging that the company’s board of directors breached its fiduciary duties was dismissed in Delaware Chancery Court  after investors failed to prove that the board acted in bad faith after self-reporting misconduct to the Securities and Exchange Commission. 

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Vape Supplier’s Stock Tanked as City Bans Took Hold, Class Claims

Greenlane Holdings, one of North America’s largest sellers of cannabis accessories and liquid nicotine products, has been hit with a securities class action alleging the company and underwriters misled the public about its April 2019 initial public offering by withholding crucial information about a key supplier.

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Paper Industry Loses Bid to Review SEC’s Paperless Report Rule

The D.C. Circuit rejected a challenge brought by a paper-industry-backed consumer group, Twin Rivers Paper Company, against a Securities and Exchange Commission rule that allows investment companies to distribute shareholder reports electronically and mail paper copies upon request.

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