That theory is about to undergo a critical test in a class action by indirect investors in, you guessed it, Theranos. Last month, shareholder lawyers at Hagens Berman Sobol Shapiro and Robbins Geller Rudman & Dowd filed a motion to certify a class of more than 200 investors who plunked down money in funds that owned shares of Theranos.
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Fiat Chrysler was denied a quick escape from a lawsuit that accuses the carmaker of rigging diesel engines with emissions control defeat devices similar to those installed in 11 million Volkswagen vehicles.
Political tribalism overrules common sense, even on bank regulation With the 10th anniversary of Bear Stearns' collapse coming up this week, leave it to Congress to find the perfect way to mark the occasion — by voting for another financial crisis. This effectively is what the Senate risked late Wednesday in approving, by a vote of 67 to 31, a revision of the Dodd-Frank financial reform law that weakens federal oversight of banks with up to $250 billion in assets.
Who is Haim Bodek? Haim was the first whistleblower to expose how a major stock exchange (Direct Edge) created an order type (Hide Not Slide) that provided HFT firms with unfair advantages that propelled them to the exchanges' best prices at investors' expense. Back in 2012, the financial media was all over this story and market structure savvy journalists like Scott Patterson were able to shine a light on these shady exchange practices. Scott's article "How "Hide Not Slide" Orders Work" was a virtual blueprint in how unsuspecting investors were getting ripped off by HFT traders who were armed with Direct Edge's special order type. Direct Edge was subsequently fined $14 million by the SEC for failing to properly describe order types.
Since the American civil war, the US government has relied on private whistleblowers to help it ferret out overcharging and other fraud by government contractors. Filed under the False Claims Act, these qui tam lawsuits allow individuals to sue on behalf of the federal government and then share in the proceeds if the claims hold up.
The Securities and Exchange Commission has charged a penny stock promoter based in Florida with defrauding investors in a pair of gold mining stocks by secretly amassing shares before touting the companies publicly.
Australian Automobile Association said tests on local vehicles before and after being updated showed they were still exceeding regulations.
Rosenberg is the fourth doctor jailed over Insys bribes following a federal probe that resulted in the indictment of billionaire founder and Chief Executive Officer John Kapoor and six other executives. The group was charged with orchestrating an elaborate scheme to bribe doctors and defraud health-care providers.
Hyundai is recalling nearly 155,000 Sonata midsize cars in the U.S. because the air bags may not inflate in a crash.
A one-time U.S. Justice Department lawyer, Wertkin came up with a plan to steal secret whistle-blower lawsuits and then sell the documents to the companies named in them because he believed his $450,000 salary at Washington's Akin Gump Strauss Hauer & Feld LLP undervalued him, a prosecutor told the judge during a sentencing hearing in San Francisco federal court.
A former employee of a U.S. government contractor in Afghanistan pleaded guilty today to accepting illegal kickbacks from an Afghan subcontractor in return for his assistance in obtaining subcontracts on U.S. government contracts.
Some 6,000 early deaths linked to nitrogen oxides (NOx) are recorded each year in Germany, the Federal Environmental Agency said on Thursday, providing more evidence of the health hazards posed by the toxic particles mostly produced by diesel engines.
A former Erie cardiologist who sued his former colleagues and UPMC Hamot will receive $6 million as part of the $20.75 million settlement that Hamot reached to end the cardiologist's federal whistleblower case.
9th Circuit Court of Appeals has upheld the 2015 jury verdict awarding $1.25 million to a railroad whistleblower who claimed he was fired after reporting safety concerns.
Minutes before a judge began hearing a car emissions Australian class-action, driver Robyn Richardson declared "this is the day rubber hits the road for Volkswagen, Audi and Skoda". "They will be exposed. They will be held to account for one of the gravest of environmental and consumer wrongs that we have experienced, not just in this country but globally," she told reporters on Monday outside the Federal Court in Sydney.
The Securities and Exchange Commission today announced securities fraud charges against a U.K.-based broker-dealer and its investment manager in connection with manipulative trading in the securities of HD View 360 Inc., a U.S.-based microcap issuer.
A Birmingham whistleblower who uncovered and reported an illegal kickback and false billing scheme that defrauded the Alabama Organ Center and taxpayers was awarded a judgment of $14.7 million after winning a jury trial last month.
Car manufacturers would like to roll back standards dating from the Obama administration that mandate a deep cut in auto emissions. The rules, which require automakers to nearly double the average fuel economy of new cars and light trucks by 2025, are the single biggest step the United States has taken to combat climate change.
Rannazzisi was a whistleblower in a "60 Minutes"-Washington Post investigation last year. The report detailed how the drug industry used its influence in Congress and in the executive branch to take away the DEA's most potent tool for stopping drug companies suspected of allowing drugs to wind up in the wrong hands.
BMH paid more than $1.6 million to resolve the allegations that the hospital violated the federal False Claims Act and the Vermont False Claims Act.
