Securities Class Actions on the Rise

Before the recent subprime mortgage and financial crises, the number of securities class action filings was declining. However, increasing filings against foreign firms and financial services firms signal a changing, or perhaps changed, trend. The gaming sector has not been exempt from the recent spate of filings. Howard Stutz at the Las Vegas Review-Journal published an interesting article this past Saturday discussing recent filings in the gaming sector and quoting yours truly. Detailed information about securities class action filings, prosecution, defense, and settlement is available at the Securities Class Action Clearinghouse.

No New Corporations Sole in Nevada

In Senate Bill No. 55, the 2009 Nevada Legislature amended the Nevada Revised Statutes (NRS) governing the incorporation of corporations sole. A corporation sole may be formed in Nevada "for acquiring, holding or disposing of church or religious society property, for the benefit of religion, for works of charity, and for public worship," pursuant to NRS Chapter 84. As of July 1, 2009, new corporations sole may only be formed in Nevada if they are a subsidiary of an existing corporation sole. After July 1, 2011, no new corporations sole may be formed in Nevada. Senate Bill No. 55 does not change the status of existing corporations sole.