United States Eleventh Circuit

In a class action claim brought under the Private Securities Litigation Reform Act, dismissal of amended complaint for failure to state a claim is affirmed where: 1) the amended complaint failed to surmount the pleading hurdles that Congress has imposed on private securities fraud class actions; 2) Congress decided to open the courthouse doors only to those plaintiffs whose complaints raised a "strong inference" that the defendants they sought to hold responsible for their losses acted with the required bad intent; and 3) the Supreme Court unambiguously explained that the "strong inference" requirement, though not insurmountable, is difficult to meet, i.e., the inference must be cogent and at least as compelling as any opposing inference.

Appellate Information

• Decided 10/08/2008
• Published 10/08/2008

Judges

Court

• United States Eleventh Circuit

Counsel