11th Circ. Partly Revives MIVA Securities Fraud Suit

Law360, New York (September 30, 2011, 7:31 PM EDT) -- The Eleventh Circuit on Friday vacated and remanded part of a lower court's dismissal of a shareholder class action claiming online advertising company MIVA Inc. made false statements that artificially inflated its stock price.

The three-judge panel ruled that the company, previously known as FindWhat.com, could still be held liable for making false statements that effectively prolonged inflation of its stock price even if the price was artificially high before the statements were made.

"The securities laws do not immunize defendants who knowingly disseminate materially false...
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