In re: Omnicom Group, Inc. Secs. Litig., 08-0612
In a securities class action alleging that defendants fraudulently accounted for a transaction, summary judgment for defendants is affirmed where: 1) plaintiffs failed to prove loss causation because their expert's testimony did not suffice to draw the requisite causal connection between the information in the article at issue and the fraud alleged in the complaint; and 2) the generalized investor reaction of concern causing a temporary share price decline was far too tenuously connected -- indeed, by a metaphoric thread -- to the transaction to support liability.
- Argued 05/05/2009
- Decided 03/09/2010
- Published 03/09/2010
WINTER, Circuit Judge:, Before FEINBERG, WINTER, and CABRANES, Circuit Judges.
United States Second Circuit
John P. Coffey, Bernstein Litowitz Berger & Grossmann LLP, New York, NY, for Plaintiff-Appellant and the Certified Class.
Peter A. Wald (Jeff G. Hammel, Latham & Watkins LLP, New York, NY; Janey Mallow Link, Latham & Watkins LLP, Chicago, IL, of counsel; Abid R. Qureshi, Latham & Watkins LLP, Washington, D.C., of counsel, on the brief) Latham & Watkins LLP, New York, NY, for Defendants-Appellees.