42 Cited authorities

Bell Atl. Corp. v. Twombly
550 U.S. 544 (2007) Cited 268,629 times 366 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' "
Dura Pharmaceuticals v. Broudo
544 U.S. 336 (2005) Cited 3,562 times 67 Legal Analyses
Holding that the securities statutes have a private of action “not to provide investors with broad insurance against market losses, but to protect them against those economic losses that misrepresentations actually cause”
Matrixx Initiatives, Inc. v. Siracusano
563 U.S. 2011 (2011) Cited 1,347 times 57 Legal Analyses
Holding that plaintiffs had adequately pled a Rule 10b–5 claim—where defendant had disputed the sufficiency of the allegations with respect to the elements of scienter and materiality—by alleging that defendant had forestalled a stock price drop by making affirmative statements confirming the market's impression that defendant's leading product was safe, despite defendant's awareness of evidence suggesting a significant risk that the nasal spray led to loss of sense of smell; when the risk was finally (belatedly) disclosed, the stock price plummeted
ATSI Communications, Inc. v. Shaar Fund, Ltd.
493 F.3d 87 (2d Cir. 2007) Cited 3,894 times 6 Legal Analyses
Holding that deception occurs when "investors are misled to believe that prices at which they purchase and sell securities are determined by the natural interplay of supply and demand, not rigged by manipulators"
Janus Capital Group Inc. v. First Derivative Traders
564 U.S. 135 (2011) Cited 568 times 104 Legal Analyses
Holding that a mutual fund adviser may not be found liable for a mutual fund's violation of SEC Rule 10b–5, in part because of “the narrow scope that [courts] must give the implied private right of action”
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
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
Kalnit v. Eichler
264 F.3d 131 (2d Cir. 2001) Cited 848 times 1 Legal Analyses
Holding that where a complaint “does not present facts indicating a clear duty to disclose” it does not establish “ strong evidence of conscious misbehavior or recklessness”
Chill v. General Electric Company
101 F.3d 263 (2d Cir. 1996) Cited 651 times 2 Legal Analyses
Holding that general motives that can "be imputed to any publicly-owned, for-profit endeavor, [are] not sufficiently concrete for purposes of inferring scienter"
Emergent Capital Inv. v. Stonepath Group, Inc.
343 F.3d 189 (2d Cir. 2003) Cited 483 times 2 Legal Analyses
Holding that, in a material misstatement or omission securities fraud action, plaintiffs must allege a price correction to adequately plead loss causation
Rule 15 - Amended and Supplemental Pleadings
Fed. R. Civ. P. 15 Cited 91,180 times 91 Legal Analyses
Finding that, per N.Y. C.P.L.R. § 1024, New York law provides a more forgiving principle for relation back in the context of naming John Doe defendants described with particularity in the complaint
Rule 6 - Computing and Extending Time; Time for Motion Papers
Fed. R. Civ. P. 6 Cited 48,869 times 24 Legal Analyses
Holding that "if the last day [of a period] is a Saturday, Sunday, or legal holiday, the period continues to run until the end of the next day that is not a Saturday, Sunday, or legal holiday."
Rule 9 - Pleading Special Matters
Fed. R. Civ. P. 9 Cited 39,081 times 320 Legal Analyses
Requiring that fraud be pleaded with particularity
Section 78u-4 - Private securities litigation
15 U.S.C. § 78u-4 Cited 7,494 times 49 Legal Analyses
Granting courts authority to permit discovery if necessary "to preserve evidence or to prevent undue prejudice to" a party

In re: Longwei Petroleum Investment Holding Limited Securities Litigation

42 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 the securities statutes have a private of action “not to provide investors with broad insurance against market losses, but to protect them against those economic losses that misrepresentations actually cause”

Holding that deception occurs when "investors are misled to believe that prices at which they purchase and sell securities are determined by the natural interplay of supply and demand, not rigged by manipulators"

Holding that a mutual fund adviser may not be found liable for a mutual fund's violation of SEC Rule 10b–5, in part because of “the narrow scope that [courts] must give the implied private right of action”

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 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 where a complaint “does not present facts indicating a clear duty to disclose” it does not establish “ strong evidence of conscious misbehavior or recklessness”

Holding that general motives that can "be imputed to any publicly-owned, for-profit endeavor, [are] not sufficiently concrete for purposes of inferring scienter"

Holding that, in a material misstatement or omission securities fraud action, plaintiffs must allege a price correction to adequately plead loss causation

Finding that, per N.Y. C.P.L.R. § 1024, New York law provides a more forgiving principle for relation back in the context of naming John Doe defendants described with particularity in the complaint

Holding that "if the last day [of a period] is a Saturday, Sunday, or legal holiday, the period continues to run until the end of the next day that is not a Saturday, Sunday, or legal holiday."

Requiring that fraud be pleaded with particularity

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