In a securities fraud class action, the District Court’s denial of class certification and grant of Defendants’ summary judgment motion are reversed where: 1) the District Court conducted its Fed. R. Civ. P. 23 hearing under an erroneous legal standard for proving loss causation; and 2) a reasonable trier of fact could conclude that one of Defendant’s alleged misstatements regarding its earnings caused some portion of Plaintiff’s loss after the “relevant truth” began to leak out.
Read Alaska Elec. Pension Fund v. Flowserve Corp., No. 07-11303
Appellate Information
Filed: June 19, 2009
Judges
Before O’Connor, Associate Justice (Ret.), and Wiener and Stewart, Circuit Judges
Per Curiam
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