United States Ninth Circuit

In a securities action alleging that a company’s securities were issued under a materially false or misleading registration statement, judgment of dismissal is affirmed, where: 1) the plaintiffs did not adequately allege that their aftermarket shares were traceable to a secondary offering because the allegations were also consistent with the shares having come from a previously issued pool; and thus 2) plaintiffs lacked statutory standing under section 11 of the Securities Act of 1933. (Amended Opinion)

Appellate Information

• Decided 04/17/2013
• Published 04/17/2013

Judges

• WATFORD

Court

• United States Ninth Circuit

Counsel