No Loss Causation In Thane Investor Suit: 9th Circ.

Law360, New York (August 10, 2010, 7:16 PM EDT) -- A federal appeals court has found that a group of stockholders failed to prove loss causation in a long-running securities class action alleging Canadian direct marketing firm Thane International Inc. misled investors about its plans to list shares on a national exchange following a 2002 merger deal.

Monday’s ruling by a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit affirmed a lower court’s decision that Thane did not cause an actionable loss to shareholders when it misrepresented its promise to list shares...
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