United States First Circuit

Summary judgment in favor of defendants in a class action alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act and of SEC Rule 10b-5, in which plaintiffs claim that defendants fraudulently withheld relevant information from the market in its reporting on the AOL-Time Warner merger, and that plaintiffs purchased stock in the new company at prices that were artificially inflated as a result of the defendants' purposeful omissions, is affirmed, where: 1) the district court did not abuse its discretion in precluding plaintiffs' expert from testifying; and 2) the district court correctly concluded that, without the expert's testimony, plaintiffs are unable to establish loss causation.

Appellate Information

• Decided 05/14/2014
• Published 05/14/2014

Judges

• HOWARD

Court

• United States First Circuit

Counsel