United States Ninth Circuit
Jacksonville Pension Fund v. CVB Financial Corp., 13-56838
In a putative class action alleging violations of section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 in the public disclosures of defendants' financial outlook to shareholders, the district court's dismissal of the complaint is affirmed in part and reversed in part where the announcement of an SEC investigation related to an alleged misrepresentation coupled with a subsequent revelation of the inaccuracy of that misrepresentation can serve as a corrective disclosure for the purpose of loss causation.
Appellate Information
- Published 2016/02/01
Judges
- HURWITZ
Court
- United States Ninth Circuit