United States Sixth Circuit
Frank v. Dana Corp., 074235
In a class-action securities claim alleging that corporate officers from defendant-company were responsible for intentional or reckless misstatements and material omissions which were calculated to artificially boost defendant's stock price, dismissal of complaint is vacated and remanded where the district court's application of the "most plausible" pleading standard derived from Helwig v. Vencor, Inc. was at odds with the Supreme Court's holding in Tellabs v. Makor Issues & Rights, Ltd. that inferences of scienter that are "at lease as compelling" as competing nunculpable inferences are sufficient for the complaint to survive a motion to dismiss.
Appellate Information
- Decided 11/19/2008
- Published 11/19/2008
Judges
Court
- United States Sixth Circuit