United States Third Circuit

A Rule 10b-5 securities claim was not actionable where plaintiffs relied on a wholly speculative "lost opportunity" theory of causation; a California Corporate Code section 25401 action does not cover "simple nondisclosure," but requires material misstatements or misleading omissions.

Appellate Information

• Decided 07/11/2002
• Published 07/11/2002

Judges

• Before:  BECKER, Chief Judge, McKEE, and BARRY, Circuit Judges.

Court

• United States Third Circuit

Counsel

• For Appellees:
  
• Nancy J. Sennett (Argued), Foley & Lardner, Milwaukee, WI, Patrick J. Kearney, Foley & Lardner, Washington, D.C., Joel E. Friedlander, Bouchard, Margules & Friedlander, Wilmington, DE, Counsel for Appellants/Cross-Appellees Alex Tse, Margaret Wai Lam Leung, Michelle Leung and Ching-Shuang Shih., Steven M. Schatz (Argued), David J. Berger, Elizabeth M. Saunders, Steven Guggenheim, Wilson, Sonsini, Goodrich & Rosati, Palo Alto, CA, Jesse A. Finkelstein, Raymond J. DiCamillo, Richards, Layton & Finger, Wilmington, DE, Counsel for Appellees/Cross-Appellants Ventana Medical Systems, Inc.;  John Patience;  Jack W. Schuler.