Summary
holding that unlike reserves, which express subjective estimates of future liabilities, a representation that defendant adhered to the method for setting those reserves concerns "a measurable objective fact" and should not be treated as a statement of opinion
Summary of this case from In re Prudential Fin., Inc. Sec. Litig.Opinion
NO. 10-3621
09-09-2011
WILLIAM E. UNDERLAND and MARK SCHALLER, on behalf of themselves and all others similarly situated. Plaintiffs, v. DENNIS ALTER, WILLIAM ROSOFF, PHILIP BROWNE, DAVID WEINSTOCK, ROBERT BLANK. MAX BOTEL, THOMAS COSTELLO, DANA BECKER DUNN, RONALD LUBNER, OLAF OLAFSSON, MICHAEL STOPLER, and KP.MG LLP; Defendants.
CIVIL ACTION
ORDER
AND NOW, this 9th day of September 2011. in accordance with the foregoing reasons, it is hereby ORDERED that:
1) The Advanta Defendants' Motion to Dismiss is GRANTED IN PART. For the reasons set forth in the accompanying opinion. Plaintiffs have not sufficiently alleged that the following misstatements are actionable: (1) Advanta's predictions about the likelihood of an early amortization event; (2) its assessment of its capital levels as '"strong:" (3) alleged misstatements and omissions about Advanta's commitment to maintaining and strengthening customer relationships, and; (4) descriptions of Advanta's methodology for accessing and monitoring customer creditworthiness: and.
2) KFMG LLP's Motion to Dismiss is GRANTED: and.
3) Plaintiffs are granted leave to amend their Complaint on or before October 9, 2011.
It is so ORDERED.
BY THE COURT:
HON. CYNTHIA M. RUFE