Amgen's High Court Defeat Leaves Defense Bar Reeling

Law360, New York (February 27, 2013, 7:51 PM EST) -- By rejecting Amgen Inc.'s bid to raise the bar for investors in securities class actions, the U.S. Supreme Court on Wednesday dealt a crushing blow to the defense bar and disappointed corporate attorneys who now face greater pressure to settle.

In a landmark 6-3 opinion, the court affirmed the Ninth Circuit's finding that plaintiffs in a securities fraud action need only plausibly allege — not prove — that allegedly misleading statements are material in order to win class certification. A misstatement is material if it significantly...
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