Amgen Dissents Put Fraud On The Market On Thin Ice

Law360, New York (February 28, 2013, 7:28 PM EST) -- The dissenting U.S. Supreme Court justices in Wednesday’s landmark Amgen Inc. ruling set the stage for another legal showdown over a controversial plaintiffs theory at the heart of securities class actions, suggesting defense attorneys may lose the battle but win the war.

In a watershed 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...
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