Two Trump-appointed circuit judges don’t think much of shareholder class actions

(Reuters) – Last week, a three-judge panel of the 9th U.S. Circuit Court of Appeals issued a significant decision in a shareholder class action against BofI, a bank holding company. The appeals court, in an opinion by Judge Paul Watford, revived a class action alleging, among other things, that the bank’s share price plunged in response to disclosures in a whistleblower lawsuit. The 9th Circuit joined the 6th Circuit to conclude that a whistleblower complaint containing allegations from a corporate insider can serve as a “corrective disclosure” of the company’s misstatements. If the market perceives the whistleblower’s allegations to be true and reacts accordingly, the appeals court held, shareholders can base their loss causation arguments on the filing of the lawsuit.

Judge Mark Bennett, who was nominated to the 9th Circuit by President Donald Trump and assumed office in July 2018, dissented from that part of the 9th

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SHAREHOLDER ACTION REMINDER: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Mesoblast Limited and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm

LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Mesoblast Limited (“Mesoblast” or “the Company”) (NASDAQ: MESO) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company’s securities between April 16, 2019 and October 1, 2020, inclusive (the ”Class Period”), are encouraged to contact the firm before December 7, 2020.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at, or by email at [email protected]

The class, in this case,

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CleanSpark Is A Failed Business Roll-Up In A Vicious Court Battle With Its Largest Shareholder – $3 Price Target (NASDAQ:CLSK)

CleanSpark, Inc. (CLSK) claims to provide software as a service, physical controllers, and consultation services to renewable energy infrastructure. This allows the company to have a diverse range of tools and abilities to help a client create a suitable microgrid platform. However, the reality is CLSK’s microgrid business has not gained any traction, and we doubt it ever will.

CLSK was a former OTC traded stock and got uplisted to the Nasdaq on 1/24/20. CLSK has been trading between $2-$3 from early March until early July, which is a fraction of its current price, which closed at $10.40 on 10/7/20. We believe the reason for the rapid rise in share price is due to news flow with buzz words that attract retail investors, primarily regarding microgrids and electric vehicle batteries and charging stations, sectors that have become hot this quarter.

However, its business hasn’t generated significant revenues and its losses

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Citigroup Is Cheap As Chips; Still A Strategic Shift Can Unlock Massive Shareholder Value (NYSE:C)

The COVID-19 crisis has been the great accelerator in many areas.

This unprecedented crisis has also exposed Citigroup’s (C) strategic vulnerabilities inherent in its business model. Putting it simply, running an emerging-markets global consumer bank under the umbrella of a globally-systemic bank in hindsight is completely sub-optimal (if not insane!).

Selling the Asian and Mexico consumer franchises is extremely accretive for shareholders, and in this article, I will explain why.

Citi will probably do just fine once the economy normalises and will likely trade above tangible book once again, so I would certainly buy the stock at current valuations. Nonetheless, a strategic rethink can unlock massive shareholder value and turbo-charge returns. This is the opportunity presenting itself to Citi’s new management team and one that investors should pay close attention to.

Revisiting the Corbat’s Strategy

Citi’s CEO strategy was aimed at delivering a mid-teens return on tangible equity (RoTCE). It

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SEC Amends Shareholder Proposal Eligibility Rules

On September 23, 2020, the Securities and Exchange Commission (the “SEC”) finalized amendments to certain security ownership thresholds, procedural requirements, and resubmission thresholds under the shareholder proposal requirements of Rule 14a-8 under the Securities Exchange Act of 1934, as amended. These amendments, the initial versions of which we discussed in our earlier Viewpoints advisory, will be effective 60 days after publication in the Federal Register and will apply to any proposal submitted for an annual or special meeting to be held on or after January 1, 2022. The SEC indicated that the purpose of the changes is to “help ensure that the ability to have a [shareholder] proposal included. . . in a company’s proxy materials — and thus to draw on company and shareholder resources and to command the time and attention of the company and other shareholders — is appropriately calibrated and takes into consideration the interests of

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