In re: Longwei Petroleum Investment Holding Limited Securities Litigation
MEMORANDUM OF LAW in Opposition re: 100 MOTION to Dismiss the Consolidated Securities Class Action Complaint. LEAD PLAINTIFFS' MEMORANDUM OF LAW IN OPPOSITION TO DEFENDANT DOUGLAS COLE'S MOTION TO DISMISS THE CONSOLIDATED SECURITIES CLASS ACTION COMPLAINT. Document
550 U.S. 544 (2007) Cited 266,625 times 365 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' "
544 U.S. 336 (2005) Cited 3,550 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”
563 U.S. 2011 (2011) Cited 1,338 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
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"
564 U.S. 135 (2011) Cited 567 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”
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
Fed. R. Civ. P. 15 Cited 90,531 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
Fed. R. Civ. P. 6 Cited 48,370 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."