Panel: Plaintiff Failed To Plead Reliance In Making Securities Law Claims
Mealey's (October 13, 2015, 1:44 PM EDT) -- NEW YORK — A federal district court did not err in dismissing an investment consultant’s complaint against a website and its operator for alleged violations of federal securities laws because the investment consultant failed to properly plead reliance, a Second Circuit U.S. Court of Appeals panel ruled Oct. 9 (Joseph M. Salvani, et al. v. InvestorHub.com Inc., et al., No. 14-3994, 2nd Cir.; 2015 U.S. App. LEXIS 17734).
(Summary order available. Document #57-151019-027R.)
JFS Investments Inc. lone shareholder Joseph M. Salvani and JFS (collectively, Salvani) sued...