A California jury’s verdict this week was an “extremely rare” occasion for securities class action lawsuits and the first since 2014, Kevin LaCroix reports in D&O Diary.
Any verdict, according to LaCroix, is a rare occurrence in securities litigation. Only 25 lawsuits have gone to verdict since the Private Securities Litigation Reform Act was enacted in 2005. This verdict was widely regarded as a split decision, as three of four charges were found in favor of Puma Biotechnology, the defendant company. The fourth was found in favor of the plaintiffs, whose lawyers can be worth “up to $100 million.”