Shareholders Properly Pleaded Scienter In Securities Suit, Panel Rules
(February 12, 2016, 1:08 PM EST) -- ST. PAUL, Minn. — Although a federal district court judge erred in dismissing a securities class action lawsuit because the lead plaintiff properly pleaded scienter, the judge properly ruled that the lead plaintiff failed to plead loss causation in making its federal securities law claims, an Eighth Circuit U.S. Court of Appeals panel ruled in a Feb. 10 opinion (Rand-Heart of New York Inc., et al. v. James P. Dolan, et al, No. 15-1838, 8th Cir.).