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Porter Wright Morris & Arthur LLP | USA | 1 Mar 2012

Second Circuit considers the Morrison extraterritoriality issue, upholds dismissal of complaint, but grants plaintiffs leave to replead

On Thursday, March 1, 2012, the Second Circuit Court of Appeals affirmed in part and reversed in part a District Court decision dismissing a complaint for securities fraud filed by nine Cayman Islands hedge funds against entities and individuals involved in an alleged pump-and-dump scheme.

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