United States Sixth Circuit

In an action brought by individuals who purchased or otherwise acquired Visteon securities during a period between 2000 and 2005, grant of defendants' motions to dismiss plaintiffs' class action securities violation claims is affirmed where: 1) plaintiffs failed to allege a misrepresentation or omission of material fact regarding spin-off claims; 2) dismissal of Restatement-related claims was proper as plaintiffs' allegations failed to adequately plead a strong inference of scienter on the part of Visteon and individual defendants; and 3) plaintiffs also failed to allege a strong inference of scienter on the part of defendant-CPA firm.

Appellate Information

• Decided 10/06/2008
• Published 10/06/2008

Judges

• Before: ROGERS and McKEAGUE, Circuit Judges;  ADAMS, District Judge.

Court

• United States Sixth Circuit

Counsel

• For Appellees:
  
• ARGUED:  Kevin D. McHargue, Baron & Budd, Dallas, Texas, for Appellants.  John F. Hartmann, Kirkland & Ellis, LLP, Chicago, Illinois, Peter W. Devereaux, Latham & Watkins, LLP, Los Angeles, California, for Appellees.   ON BRIEF:  Kevin D. McHargue, Randall K. Pulliam, Lisa W. Shirley, Baron & Budd, Dallas, Texas, Marc L. Newman, The Miller Law Firm, Rochester, Michigan, for Appellants.  John F. Hartmann, Michael A. Duffy, Kirkland & Ellis, Chicago, Illinois, Jenice C. Mitchell, John R. Trentacosta, Foley & Lardner, LLP, Detroit, Michigan, Miles N. Ruthberg, Peter W. Devereaux, Latham & Watkins, LLP, Los Angeles, California, Janet M. Link, Michael J. Faris, Latham & Watkins, Chicago, Illinois, for Appellees.