United States Ninth Circuit

Reversed the dismissal of a shareholder class action against Toshiba Corp. filed by investors who alleged securities fraud. The district court dismissed their claims on jurisdictional grounds and, on appeal, the plaintiffs argued that the district court misapplied principles regarding extraterritorial applicability of U.S. securities laws set forth in Morrison v. Nat'l Australia Bank Ltd., 561 U.S. 247 (2010). The Ninth Circuit agreed with plaintiffs and reversed and remanded with instructions to allow the plaintiffs to amend their shareholder complaint against the Japanese firm to overcome the jurisdictional hurdle.

Appellate Information

• Published 2018/07/17

Judges

• Wardlaw

Court

• United States Ninth Circuit

Counsel