United States Ninth Circuit

In a securities fraud action alleging that defendant failed to disclose material information regarding its cold remedy drug, Zicam, dismissal of the complaint is reversed where: 1) in relying on the statistical significance standard to determine materiality, the district court made a decision that should have been left to the trier of fact; and 2) the inference that defendants withheld information intentionally or with deliberate recklessness was at least as compelling as the inference that they withheld the information innocently.

Appellate Information

• Argued 06/09/2009
• Decided 10/28/2009
• Published 10/28/2009

Judges

• TASHIMA, Circuit Judge:, Before: MARY M. SCHROEDER, A. WALLACE TASHIMA and CARLOS T. BEA, Circuit Judges.

Court

• United States Ninth Circuit

Counsel

• For Appellant:
  
• Joseph D. Daley, Coughlin Stoia Geller Rudman & Robbins LLP, San Diego, CA, for the plaintiff-appellant.


• For Appellees:
  
• Michael G. Yoder, O'Melveny & Myers LLP, Newport Beach, CA, for the defendants-appellees.