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Third Circuit applies Tellabs to reject motive and opportunity test in favor of a "holistic approach" to pleading scienter in securities fraud actions
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- June 18 2009
In Institutional Investors Group v. Avaya, Inc., 2009 U.S. App. LEXIS 9110 (3d Cir. April 30, 2009), a panel of the United States Court of Appeals for the Third Circuit applied the United States Supreme Court’s 2007 decision in Tellabs, Inc. v. Makor Issues & Rights, Ltd., 551 U.S. 308 (2007), for the first time to existing case law in the Third Circuit
Ninth Circuit reaffirms existing precedent on materiality and "motive and opportunity" scienter allegations
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- December 7 2009
In Siracusano v. Matrixx Initiatives, Inc., 2009 WL 3448282 (9th Cir. Oct. 28, 2009), the United States Court of Appeals for the Ninth Circuit reversed and remanded a decision by the United States District Court for the District of Arizona granting defendant Matrixx Initiatives, Inc.’s (“Matrix”) motion to dismiss a putative securities fraud class action brought under Section 10(b) of Securities Exchange Act of 1934
Ninth Circuit holds that district courts may reject, but may not select, lead plaintiffs' counsel in class actions brought under the Private Securities Litigation Reform Act
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- November 11 2009
In In re Cohen, No. 09-70378, 2009 WL 3681701 (9th Cir. Nov. 5, 2009), the United States Court of Appeals for the Ninth Circuit reversed an order by the United States District Court for the Northern District of California that rejected co-lead plaintiff’s selection of counsel and instead appointed a firm selected by the district court
Sixth Circuit affirms dismissal of securities fraud complaint where inference of scienter was not supported by sufficiently particularized allegations of fact
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- February 12 2010
In Konkol v. Diebold, Inc., No. 08-4572, 2009 WL 4909110 (6th Cir. Dec. 22, 2009), the United States Court of Appeals for the Sixth Circuit applied the United States Supreme Court’s decision in Tellabs, Inc. v. Makor Issues & Rights, Ltd., 551 U.S. 308 (2007), to hold that securities fraud plaintiffs must plead an inference of scienter that is both “cogent and at least as compelling as any opposing competing inference.”
Ninth Circuit holds that district courts may reject, but may not select, lead plaintiffs' counsel in class actions brought under the Private Securities Litigation Reform Act
- Sheppard Mullin Richter & Hampton LLP
- -
- USA
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- November 11 2009
In In re Cohen, No. 09-70378, 2009 WL 3681701 (9th Cir. Nov. 5, 2009), the United States Court of Appeals for the Ninth Circuit reversed an order by the United States District Court for the Northern District of California that rejected co-lead plaintiff’s selection of counsel and instead appointed a firm selected by the district court
Current Search
- Workarea - Litigation
- Workarea - White Collar Crime
- Firm Name - Sheppard Mullin Richter & Hampton LLP
- Jurisdiction - USA
- Author - Christina Costley