Tag: class action lawsuit

The COVID-19 pandemic has created a highly volatile and uncertain environment for businesses resulting in a litany of new or heightened risks for directors and officers (D&O) as well as exacerbating the situation in an already strained D&O insurance market.

On 26 June 2020, the High Court in Johannesburg dismissed with costs an application for the certification of a class action by Steinhoff shareholders against the directors and auditors of Steinhoff companies, having determined that the shareholders do not have a triable case. 

On March 12, 2020, a plaintiff shareholder filed a securities class action lawsuit against Norwegian Cruise Line Holdings, alleging that the company was employing misleading sales tactics related to COVID-19 bookings and cancellations. Another D&O claim was lodged soon after against Inovio Pharmaceuticals relating to statements the company made about developing a vaccine for COVID-19.