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District of Columbia Circuit holds that certifications in financial statements do not constitute omissions that qualify for a presumption of reliance in fraud claims under Rule 10b-5

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • February 2 2011

In In re InterBank Funding Corp. Securities Litigation, No. 09-7167, --- F.3d ----, 2010 WL 5299882 (D.C. Cir. Dec. 28, 2010), the United States Court of Appeals for the District of Columbia Circuit affirmed the dismissal with prejudice of a class action asserting securities fraud claims under Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. 78j(b), and Rule 10b-5, 17 C.F.R. 240.10b-5, based upon a failure to adequately plead the essential element of reliance. The sole issue before the Court was whether the fraud allegations in the complaint involved material omissions, which would allow plaintiffs to invoke the presumption of reliance established by the United States Supreme Court in Affiliated Ute Citizens v. United States, 406 U.S. 128 (1972

Eleventh Circuit affirms dismissal of options backdating securities fraud class action for failure to meet Reform Act's heightened pleading standards

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • February 12 2010

In Edward J. Goodman Life Income Trust v. Jabil Circuit, Inc., No. 09-10954, 2010 WL 154519 (11th Cir. Jan. 19, 2010), the United States Court of Appeals for the Eleventh Circuit affirmed the dismissal of securities fraud and insider trading claims arising out of options backdating