Amgen Ruling Placed Cert. Bar Too Low, Ex-SEC Officials Say

Law360, New York (August 17, 2012, 6:04 PM EDT) -- A group including former U.S. Securities and Exchange Commission officials urged the U.S. Supreme Court on Wednesday to overturn the Ninth Circuit's lowered materiality bar during class certification of securities cases, arguing the decision will frighten defendants into settling weak cases.

"This is an important case because if plaintiffs are able to bypass any challenge to the price impact and therefore materiality of the misstatements they allege until after a class is certified, the ability of defendants to prevail in any kind of securities fraud case...
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