9th Circ. Remands ShopNow.com Securities Spat

Law360, New York (September 23, 2009, 1:17 PM EDT) -- A federal appeals court has remanded a putative securities class action brought by shareholders of ShopNow.com operator Network Commerce Inc. that alleged the company failed to disclose two loans it made to its CEO.

The U.S. Court of Appeals for the Ninth Circuit sent the case back to the U.S. District Court for the Western District of Washington Sept. 22, saying the district court did not consider whether the company's failure to disclose two loans of more than $1 million each violated the Securities Act of...
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