Tackling A Circuit Splitter: Amgen In The High Court
June 19, 2012, 12:00 AM EDT
Law360, New York (June 19, 2012, 12:00 AM EDT) -- Must a plaintiff in a securities fraud class action prove that the alleged misrepresentations or omissions are material in order to obtain class certification? That is the issue the U.S. Supreme Court agreed to consider when it granted certiorari in Connecticut Retirement Plans and Trust Funds v. Amgen, 660 F.3d 1170 (9th Cir. 2011), cert. granted, ___ U.S. ___, (June 11, 2012).
In Amgen, the Ninth Circuit held that materiality is not an issue at the class certification stage — a plaintiff can rely on the...