United States Fourth Circuit

Dismissal of an action alleging that defendants violated federal securities laws is affirmed, where: 1) the district court did not err in dismissing plaintiffs' claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934, because the amended complaint failed to adequately plead scienter, or wrongful intent; and 2) the district court properly dismissed the claims brought under the Securities Act of 1933 because the section 11 claim was time-barred, plaintiffs lacked standing to bring the section 12(a)(2) claim, and plaintiffs failed to adequately plead a primary violation of the Securities Act for the section 15 claim.

Appellate Information

• Decided 03/07/2014
• Published 03/07/2014

Judges

• DIAZ

Court

• United States Fourth Circuit

Counsel