United States Eleventh Circuit

In an action claiming that defendants failed to disclose, before their company went public, that $2,000,000 in stock had been privately offered for sale by unregistered brokers in ten different states, dismissal of the complaint is affirmed where the complaint failed to satisfy the standard for pleading scienter. However, the denial of defendant's motion for sanctions is vacated to allow the district court to make findings in accordance with the Private Securities Litigation Reform Act.

Appellate Information

• Decided 06/30/2010
• Published 06/30/2010

Judges

• Susan M. Black

Court

• United States Eleventh Circuit

Counsel