Fezzani Insulates From Market Manipulation Claims

Law360, New York (May 28, 2013, 3:35 PM EDT) -- On May 7, 2013, a panel of the United States Court of Appeals for the Second Circuit issued a 2-1 decision in Fezzani v. Bear Stearns & Co., --- F.3d ----, (2d Cir. 2013), holding that, under the Supreme Court's decisions in Stoneridge Investment Partners LLC v. Scientific-Atlanta, 552 U.S. 148 (2008), and Janus Capital Group Inc. v. First Derivative Traders, 131 S.Ct. 2296 (2011), plaintiffs must allege that the defendant "communicate[d] the misrepresentation" in order to state a claim for market manipulation under Section 10(b) of the Securities and Exchange Act of 1934.

Applying that standard, the court affirmed the...

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