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  • March 2023
  • Article

Attracting the Sharks: Corporate Innovation and Securities Class Action Lawsuits

By: Elisabeth Kempf and Oliver Spalt
This paper provides novel evidence suggesting that securities class action lawsuits, a central pillar of the U.S. litigation and corporate governance system, can constitute an obstacle to valuable corporate innovation. We first establish that valuable innovation output... View Details
Keywords: Class-action Litigation; Turnover; Lawsuits and Litigation; Innovation and Invention; Risk and Uncertainty
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  • January 1994 (Revised April 1994)
  • Case

EMC Corporation: Response to Shareholder Litigation (B)

By: Josh Lerner
Reports EMC's decision concerning the second shareholder class-action suit and its implications. Legislative efforts to reform securities litigation are also discussed. View Details
Keywords: Decisions; Lawsuits and Litigation; Going Public; Policy; Management Teams; Business and Shareholder Relations; Technology Industry; United States
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  • February 2014
  • Article

Accountability of Independent Directors—Evidence from Firms Subject to Securities Litigation

By: Francois Brochet and Suraj Srinivasan
We examine which independent directors are held accountable when investors sue firms for financial- and disclosure-related fraud. Investors can name independent directors as defendants in lawsuits, and they can vote against their re-election to express displeasure over... View Details
Keywords: Independent Directors; Litigation Risk; Class Action Lawsuits; Director Accountability; Reputation; Boards Of Directors; Corporate Governance; Debt Securities; Corporate Accountability; Lawsuits and Litigation
Related
  • January 1994 (Revised April 1995)
  • Case

EMC Corporation: Response to Shareholder Litigation (A)

By: Josh Lerner
EMC Corp. is the target of a shareholder class-action lawsuit for the second time. CEO, Richard Egan, must decide whether to settle the case, as is done in 96% of such cases and as EMC itself did previously, or fight the action. View Details
Keywords: Decision Choices and Conditions; Lawsuits and Litigation; Going Public; Management Teams; Business and Shareholder Relations; Technology Industry; United States
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  • 26 Jul 2013
  • Working Paper Summaries

Accountability of Independent Directors-Evidence from Firms Subject to Securities Litigation

Keywords: by Francois Brochet & Suraj Srinivasan
  • 2013
  • Working Paper

Accountability of Independent Directors—Evidence from Firms Subject to Securities Litigation

By: Francois Brochet and Suraj Srinivasan
We examine which independent directors are held accountable when investors sue firms for financial and disclosure related fraud. Investors can name independent directors as defendants in lawsuits, and they can vote against their re-election to express displeasure over... View Details
Keywords: Debt Securities; Lawsuits and Litigation; Legal Liability
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  • Article

The Changing Landscape of Auditors' Liability

By: Colleen Honigsberg, Shivaram Rajgopal and Suraj Srinivasan
We provide a comprehensive overview of shareholder litigation against auditors since the passage of the Private Securities Litigation Reform Act (PSLRA). The number of lawsuits per year has declined, dismissals have increased, and settlements in recent years have... View Details
Keywords: Auditor Litigation; Tellabs; Section 10(b); Section 11; Audit Quality; Janus; PSLRA; Class-action Litigation; Accounting Audits; Lawsuits and Litigation; Legal Liability
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  • 28 May 2019
  • Research & Ideas

Investor Lawsuits Against Auditors Are Falling, and That's Bad News for Capital Markets

The US is somewhat unique in having a strong class-action litigation system through which investors can hold companies accountable after the fact when there is a problem. For investors, this is how they can... View Details
Keywords: by Martha Lagace; Financial Services; Accounting
  • 06 Aug 2013
  • First Look

First Look: August 6

http://www.cengage.com/aushed/instructor.do?disciplinenumber=1028&product_isbn=9781133626701&courseid=MN05&codeid=2A3A&sortBy=copyrightYear&sortByShow=all August 2013 Journal of Financial Economics Accountability of Independent Directors-Evidence... View Details
Keywords: Anna Secino
  • 16 Jul 2013
  • First Look

First Look: July 16

http://ssrn.com/abstract=2288746 Accountability of Independent Directors-Evidence from Firms Subject to Securities Litigation By: Brochet, Francois, and Suraj Srinivasan Abstract—We examine which independent directors are held accountable... View Details
Keywords: Anna Secino