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Securities Filings Remain Elevated Despite the Pandemic
Despite unprecedented disruptions to the court system from the COVID-19 pandemic, plaintiffs continued to bring securities class actions at elevated levels in 2020 a sign that filings will remain high in the year ahead. Based on data from Cornerstone Research through September 30, 2020, plaintiffs were on pace to file approximately 375 federal and state securities class actions through the end of the year. Although lower than the more than 400 actions filed in each of the previous three years, this figure substantially exceeds the 261 cases brought, on average, between 2010 and 2019.
In re Nine West LBO Sec. Litig., No. 20 MD. 2941 (S.D.N.Y. Dec. 4, 2020)
Summary
In 2014, Sycamore Partners Management LP (Sycamore) acquired The Jones Group (Jones) in a leveraged buyout. The merger provided for five different components: (1) Jones would merge with a Sycamore affiliate and become “Nine West Holdings” (Nine West); (2) Sycamore would contribute at least US$395 million in equity to Nine West; (3) Nine West would increase its debt from US$1 billion to US$1.2 billion; (4) Jones shareholders would receive US$15 per share; and (5) two high-end brands, along with another business unit, would be sold to other Sycamore affiliates for less than fair market value.
On Monday, the Nevada legislature commenced its 81
st session. The legislature meets biennially in odd numbered years. The Session is limited to 120 days. Nev. Const. Art. 4, § 2. Yesterday, Senator James Ohrenschall introduced SB 95 which would make numerous significant changes to Nevada s private corporation law.
Among other things, SB 95 would amend NRS 78.046 to permit a Nevada corporation s articles or bylaws to require that concurrent jurisdiction actions be brought solely or exclusively in the court(s) specified in the articles or bylaws. The bill defines concurrent jurisdiction action as any action, suit or proceeding against the corporation or any of its directors or officers, that:
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