43 Cited authorities

Bell Atl. Corp. v. Twombly
550 U.S. 544 (2007) Cited 268,776 times 367 Legal Analyses
Holding that a complaint's allegations should "contain sufficient factual matter, accepted as true, to 'state a claim to relief that is plausible on its face' "
Tellabs v. Makor Issues Rights
551 U.S. 308 (2007) Cited 9,189 times 104 Legal Analyses
Holding that a strong inference is one that is "cogent and at least as compelling as any opposing inference"
Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc.
552 U.S. 148 (2008) Cited 1,183 times 80 Legal Analyses
Holding that the fraud-on-the-market presumption did not apply because business partners' "deceptive acts were not communicated to the public"
ATSI Communications, Inc. v. Shaar Fund, Ltd.
493 F.3d 87 (2d Cir. 2007) Cited 3,896 times 6 Legal Analyses
Holding that because "a plaintiff must show . . . a primary violation by the controlled person" in order to "establish a prima facie case of control[-]person liability," a plaintiff who "fails to allege any primary violation . . . cannot establish control[-]person liability"
Omnicare, Inc. v. Laborers Dist. Council Constr. Indus. Pension Fund
575 U.S. 175 (2015) Cited 461 times 55 Legal Analyses
Holding in the context of a claim under Section 11 of the Securities Act of 1933 that whether a statement is "misleading" is determined from "the perspective of a reasonable investor"
Novak v. Kasaks
216 F.3d 300 (2d Cir. 2000) Cited 1,599 times 9 Legal Analyses
Holding section 78u-4(b) does not literally require pleading of all facts, so long as facts pleaded provide adequate basis for believing statements were false
Rothman v. Gregor
220 F.3d 81 (2d Cir. 2000) Cited 1,327 times 1 Legal Analyses
Holding that "the date of the filing of the motion to amend constitutes the date the action was commenced for statute of limitations purposes" when "the plaintiff seeks to add a new defendant" (quoting Nw. Nat’l Ins. Co. v. Alberts , 769 F. Supp. 498, 510 (S.D.N.Y.1991) )
ECA & Local 134 Ibew Joint Pension Trust v. Jp Morgan Chase Co.
553 F.3d 187 (2d Cir. 2009) Cited 913 times 2 Legal Analyses
Holding that statements that the defendant "'set the standard' for 'integrity' and that it would 'continue to reposition and strengthen [its] franchises with a focus on financial discipline'" were nonactionable puffery given their generality
Securities & Exchange Commission v. First Jersey Securities, Inc.
101 F.3d 1450 (2d Cir. 1996) Cited 1,235 times 5 Legal Analyses
Holding that owner-officer who collaborated in unlawful conduct of firm may be held jointly and severally liable with firm for disgorgement of unlawful gains received
Acito v. Imcera Group, Inc.
47 F.3d 47 (2d Cir. 1995) Cited 1,132 times 1 Legal Analyses
Holding that selling stock, by itself, insufficient to plead scienter, absent allegations that "stock sales were 'unusual'"
Rule 201 - Judicial Notice of Adjudicative Facts
Fed. R. Evid. 201 Cited 28,526 times 26 Legal Analyses
Holding "[n]ormally, in deciding a motion to dismiss for failure to state a claim, courts must limit their inquiry to the facts stated in the complaint and the documents either attached to or incorporated in the complaint. However, courts may also consider matters of which they may take judicial notice."
Section 78j - Manipulative and deceptive devices
15 U.S.C. § 78j Cited 12,534 times 165 Legal Analyses
Granting SEC power to establish rules to further statute forbidding manipulative or deceptive devices in connection with purchase or sale of securities
Section 78u-4 - Private securities litigation
15 U.S.C. § 78u-4 Cited 7,498 times 49 Legal Analyses
Granting courts authority to permit discovery if necessary "to preserve evidence or to prevent undue prejudice to" a party
Section 78t - Liability of controlling persons and persons who aid and abet violations
15 U.S.C. § 78t Cited 3,989 times 20 Legal Analyses
Holding liable any person "who, directly or indirectly, controls any person liable under any provision of this chapter or of any rule or regulation thereunder"
Section 78u-5 - Application of safe harbor for forward-looking statements
15 U.S.C. § 78u-5 Cited 1,262 times 21 Legal Analyses
Listing as an exclusion from the safe harbor "forward-looking statement in connection with a going private transaction"
Section 240.10b-5 - Employment of manipulative and deceptive devices
17 C.F.R. § 240.10b-5 Cited 9,224 times 134 Legal Analyses
Holding liable any person who "make any untrue statement of material fact"
Section 314.101 - Filing an NDA and receiving an ANDA
21 C.F.R. § 314.101 Cited 31 times 9 Legal Analyses
Providing that an "NDA may be filed" once the "FDA has made a threshold determination that the NDA is sufficiently complete to permit a substantive review"

Shanawaz v. Intellipharmaceutics International Inc. et al

43 Cited authorities

Holding that a complaint's allegations should "contain sufficient factual matter, accepted as true, to 'state a claim to relief that is plausible on its face' "

Holding that a strong inference is one that is "cogent and at least as compelling as any opposing inference"

Holding that the fraud-on-the-market presumption did not apply because business partners' "deceptive acts were not communicated to the public"

Holding that because "a plaintiff must show . . . a primary violation by the controlled person" in order to "establish a prima facie case of control[-]person liability," a plaintiff who "fails to allege any primary violation . . . cannot establish control[-]person liability"

Holding in the context of a claim under Section 11 of the Securities Act of 1933 that whether a statement is "misleading" is determined from "the perspective of a reasonable investor"

Holding section 78u-4(b) does not literally require pleading of all facts, so long as facts pleaded provide adequate basis for believing statements were false

Holding that "the date of the filing of the motion to amend constitutes the date the action was commenced for statute of limitations purposes" when "the plaintiff seeks to add a new defendant" (quoting Nw. Nat’l Ins. Co. v. Alberts , 769 F. Supp. 498, 510 (S.D.N.Y.1991) )

Holding that statements that the defendant "'set the standard' for 'integrity' and that it would 'continue to reposition and strengthen [its] franchises with a focus on financial discipline'" were nonactionable puffery given their generality

Holding that owner-officer who collaborated in unlawful conduct of firm may be held jointly and severally liable with firm for disgorgement of unlawful gains received

Holding that selling stock, by itself, insufficient to plead scienter, absent allegations that "stock sales were 'unusual'"

Granting SEC power to establish rules to further statute forbidding manipulative or deceptive devices in connection with purchase or sale of securities

Granting courts authority to permit discovery if necessary "to preserve evidence or to prevent undue prejudice to" a party

Holding liable any person "who, directly or indirectly, controls any person liable under any provision of this chapter or of any rule or regulation thereunder"

Listing as an exclusion from the safe harbor "forward-looking statement in connection with a going private transaction"

Holding liable any person who "make any untrue statement of material fact"

Providing that an "NDA may be filed" once the "FDA has made a threshold determination that the NDA is sufficiently complete to permit a substantive review"