2nd Circuit Remands Securities Class Action For Consideration Of New Evidence

Mealey's (August 26, 2016, 8:55 AM EDT) -- NEW YORK — Although a federal district court did not err in dismissing a federal securities class action complaint against BlackBerry Limited and certain of its former executive officers for failure to plead scienter, it is unclear whether newly discovered evidence submitted by lead plaintiffs was insufficient to determine whether the court properly denied their motion for reconsideration, a Second Circuit U.S. Court of Appeals panel ruled Aug. 24 (Todd Cox, et al. v. BlackBerry Limited, et al., No. 15-3991, 2nd Cir.).

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