United States Ninth Circuit

The district court's dismissal of a securities fraud class action alleging violations of Sections 10(b), 20(a), and 20A of the Securities Exchange Act of 1934 and Rule 10b-5 is affirmed, where: 1) the announcement of an investigation, standing alone, is insufficient to establish loss causation; and 2) plaintiff could not establish loss causation on the facts alleged in the amended complaint because he had not attempted to correlate his losses to anything other than the announcement of an internal investigation.

Appellate Information

• Decided 08/07/2014
• Published 08/07/2014

Judges

• RICE

Court

• United States Ninth Circuit

Counsel