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.
- Decided 06/22/2009
- Published 06/22/2009
- PER CURIAM:, Before O'CONNOR, Associate Justice (Ret.), and WIENER and STEWART, Circuit Judges.
- United States Fifth Circuit
- 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.