United States Ninth Circuit
New York City Employees' Ret. Sys. v. Jobs, 08-16488
In a securities fraud action against Steve Jobs, Apple corporation, and others concerning the issuance of an allegedly false and misleading proxy solicitation for a stock option plan, with allegations based on the backdating of stock options by Apple, dismissal of the complaint is affirmed where the Private Securities Litigation Reform Act did not differentiate between plaintiffs seeking legal and equitable remedies, and thus, without an allegation of economic loss, no remedy, equitable or otherwise, was available. However, the district court's denial of plaintiffs' request for leave to amend the complaint is reversed where the district court erred in applying a "waiver" rule to an omitted claim.
Appellate Information
- Argued 10/07/2009
- Decided 01/28/2010
- Published 01/28/2010
Judges
- Before DAVID R. THOMPSON and SIDNEY R. THOMAS, Circuit Judges, and ANN ALDRICH,District Judge.
Court
- United States Ninth Circuit
Counsel
- For Appellant:
- Michael J. Barry, Grant & Eisenhoffer P.A., Wilmington, DE, for plaintiff-appellant.
- For Appellees:
- George A. Riley, O'Melveny & Myers, LLP., San Francisco, CA, for the defendants.