United States Ninth Circuit
In re ChinaCast Educ. Corp. Sec. Litig., 12-57232
In a securities fraud action following ChinaCast CEO Ron Chan's embezzlement of millions of dollars from his company, the district court's dismissal under FRCP 12(b)(6) is reversed and the court held that a CEO's fraudulent misrepresentations and intent to defraud shareholders can be imputed to a company under the Securities Exchange Act of 1934.
Appellate Information
- Decided 10/22/2015
- Published 10/22/2015
Judges
- MCKEOWN
Court
- United States Ninth Circuit