9th Circ. Says Old Suits Make Investor Class Claims Timely
By Cara Mannion (May 25, 2017, 2:42 PM EDT) -- The Ninth Circuit on Wednesday revived a proposed shareholder class action alleging fertilizer manufacturer China Agritech Inc. overstated its revenue numbers, allowing putative class claims to proceed despite the investors being unnamed members in two now-concluded, almost identical suits in which class certification was denied.
In a published opinion, a three-judge panel ruled that the shareholders' putative class claims were timely after being tolled by the prior would-be class actions, overturning a lower court's 2014 decision that allowed the investors to pursue individual claims but dismissed the proposed class claims as time-barred.
"So long as they can satisfy the criteria of...
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