United States First Circuit

In two separate but related cases under the whistleblower protection provision of the Sarbanes-Oxley Act of 2002, alleging unlawful retaliation by employers that are private companies that act under contract as advisers to and managers of mutual funds organized under the Investment Company Act of 1940, the district court's denial of motions to dismiss for failure to state a claim is reversed, as the whistleblower protection afforded by section 806(a) of the Act applies only to the employees of public companies as defined in the Act, and not to an employee of a contractor or subcontractor of a public company reporting suspected violations relating to fraud against shareholders of the public company.

Appellate Information

• Decided 02/03/2012
• Published 02/03/2012

Judges

• Lynch

Court

• United States First Circuit

Counsel

• For Appellant:
  
• Paul E. Nemser, Indira Talwani