Panel: Court Properly Dismissed Securities Suit For Failure To Plead Scienter

Mealey's (May 5, 2016, 9:10 AM EDT) -- SAN FRANCISCO — A Ninth Circuit U.S. Court of Appeals panel on May 3 ruled that a federal district court did not err in dismissing federal securities law claims against a company, several of its current and former officers and directors and underwriters of the company’s initial public offering (IPO) because investors failed to properly plead any material misrepresentations or scienter in making their claims (Cliff Mosco, et al. v. Motricity Inc., et al., No. 13-36029, 9th Cir.).

(Opinion available. Document #57-160516-026Z.)

Lead plaintiffs Cliff Mosco,...
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