United States Ninth Circuit

In a securities fraud class action alleging that a corporation's pre-merger prospectus contained materially misleading representations because it implied that the company's shares would list on the NMS, judgment for defendant is reversed where: 1) in a prior order, the court did not comment on the reliability of the company's stock prices, other than to state what is undisputed, namely, that the stock traded in an inefficient market; and 2) stock price evidence may be used in a loss causation assessment when the market for a stock is not Cammer-level efficient.

Appellate Information

• Decided 08/09/2010
• Published 08/09/2010

Judges

• Diarmuid F. O'Scannlain

Court

• United States Ninth Circuit

Counsel

• For Appellant:
  
• Joel C. Feffer, Daniel J. Tyukody