In Re Global Crossing, Ltd. Securities Litigation

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that the plaintiffs stated Section 20(a) claim against the defendant because they alleged specific scenarios showing “actual control and culpable participation” by the defendant
• holding that those who masterminded sham transactions or other deceptive practices are primary violators
• noting that control person analysis is a “decidedly fact-based determination”
• finding an inference of motive where an auditor received consulting fees nearly six times greater than its auditing fees
• finding liability where plaintiffs alleged that auditors “prepared, directed or controlled,” “helped created,” and “materially assisted” the preparation of a direct violator’s false statements
• denying motion to dismiss scheme claim where it was alleged that defendant “masterminded” sham swap transactions used to circumvent GAAP and inflate revenues

Source: CourtListener parenthetical corpus (CC0).