United States Fifth Circuit

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Alaska Elec. Pension Fund v. Flowserve Corp., 07-11303

In a securities fraud class action, the District Court's denial of class certification and grant of Defendants' summary judgment motion are reversed where: 1) the District Court conducted its Fed. R. Civ. P. 23 hearing under an erroneous legal standard for proving loss causation; and 2) a reasonable trier of fact could conclude that one of Defendant's alleged misstatements regarding its earnings caused some portion of Plaintiff's loss after the "relevant truth" began to leak out.

Appellate Information

  • Decided 06/19/2009
  • Published 06/19/2009

Judges

  • PER CURIAM:, Before O'CONNOR, Associate Justice (Ret.), and WIENER and STEWART, Circuit Judges.

Court

  • United States Fifth Circuit

Counsel

  • For Appellant:
  • Ex KanoShirden Sams, III, Coughlin, Stoia, Geller, Rudman & Robbins, L.L.P., Los Angeles, CA, Sanford Svetcov (argued), Susan K. Alexander, Coughlin, Stoia, Geller, Rudman & Robbins, L.L.P., San Francisco, CA, James F. Grosso, Farmingham, MA, G. Paul Howes, Coughlin, Stoia, Geller, Rrudman & Robbins, L.L.P., San Diego, CA, Hamilton Philip Lindley, Provost Umphrey, Dallas, TX, for Plaintiffs-Appellants., Noel M.B. Hensley (argued), Richard Thaddeus Behrnes, Nina Cortell, Daniel H. Gold, Carrie L. Huff, Haynes & Boone, Dallas, TX, for Flowserve Corp., Todd Andrew Murray, Richard Alexander Rohan, Carrington, Coleman, Sloman & Blumenthal, Dallas, TX, for Greer., Charles Watts Flynn, IV, David W. Klaudt, Locke Lord Bissell & Liddell, LLP, Dallas, TX, for Hornbaker., Ellan Bush Sessions, Charles Rodney Acker, Oscar Rey Rodriguez, Fulbright & Jaworski, L.L.P., Dallas, TX, for Banc of America Securities, LLC, Credit Suisse First Boston, LLC., M. Byron Wilder (argued), Samantha A. Lunn, Robert Anthony Vincent, Gibson Dunn & Crutcher, LLP, Dallas, TX, for PricewaterhouseCoopers, LLP.