Bill Lerach gave the best motion to dismiss oral argument I’ve ever seen. Using a stock-price chart with key events and allegations plotted along the alleged class period, he told the complaint’s story with a wooden pointer and his superb narrative skill. Far too often, plaintiffs’ and defense lawyers get bogged down in the nitty-gritty
Omnicare
Putting All Our Eggs in One Basket: Effective Securities Class Action Defense Must Look Beyond the Motion to Dismiss
The Reform Act was passed by the Contract-with-America Congress to address its perception that securities class actions were reflexive, lawyer-driven litigation that often asserted weak claims based on little more than a stock drop, and relied on post-litigation discovery, rather than pre-litigation investigation, to sort the validity of the claims.
The Reform Act’s centerpiece is…
Is the Reform Act’s Safe Harbor Truly Safe?
By Doug Greene on
Posted in 9th Circuit, de-SPACs, Omnicare, Safe Harbor, SEC, Securities Class Action, SPACs, Statements of Opinion
The most frequent question I’ve been asked about the SEC’s proposed SPAC rules concerns the provision that would make unavailable the Private Securities Litigation Reform Act’s safe harbor for forward-looking statements with respect to de-SPAC transactions: would this change increase the risk that SPACs and de-SPACs face in securities litigation?
Not much. Public companies understandably…
From Sea to Shining Sea: The Ninth Circuit Aligns with the Second Circuit in Affirming Omnicare‘s Benefits for Defendants
By Doug Greene on
In a matter of first impression in the Ninth Circuit, the court applied the Supreme Court’s Omnicare standard for pleading the falsity of a statement of opinion in City of Dearborn Heights Act 345 Police & Fire Retirement System v. Align Technology, Inc., — F.3d —, 2017 WL 1753276 (9th Cir. May 5, 2017). …