Analysis

9th Circ. Opinion Could Spark More Securities Settlements

Law360 (August 21, 2018, 10:35 PM EDT) -- A recent Ninth Circuit opinion could ultimately result in more settlements of shareholder suits by bolstering plaintiffs’ arguments that defendants are improperly creating their own version of the facts at the dismissal stage, experts say.

Last week, a three-judge panel said a California federal court improperly considered information outside of the complaint when dismissing an investor suit against now-bankrupt biotechnology company Orexigen Therapeutics Inc.

In the published opinion, the federal appellate court called out a “concerning pattern” of defendants taking advantage of judicial noticing — a doctrine that allows courts to enter into evidence, without formally being introduced by a witness, facts...

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