United States Second Circuit

In an action alleging material misstatements and omissions in a prospectus and registration statement of defendant, and asserting claims under section 11, 12(a)(2), and 15 of the 1933 Securities Act, dismissal of the complaint is affirmed in part where the stock price decline (and plaintiffs' resulting losses) could not be attributed to the prospectus's failure to disclose an alleged fact. However, the order is vacated in part where the district court erroneously applied the bespeaks-caution doctrine.

Appellate Information

• Decided 09/14/2010
• Published 09/14/2010

Judges

• Dennis Jacobs

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Mark R. Rosen, David B. Anders