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Panel Partially Vacates District Court’s Scienter Rulings In Securities Suit

Mealey's (September 1, 2015, 1:49 PM EDT) -- NEW YORK — A Second Circuit U.S. Court of Appeals panel on Aug. 28 affirmed in part, vacated in part and remanded a pair of New York federal court rulings in a securities class action lawsuit, ruling that the district court erred in determining that the lead plaintiff failed to properly plead scienter against a company and its former CEO (Acticon AG v. China North East Petroleum Holdings Ltd., et al., No. 15-172, 2nd Cir.; 2015 U.S. App. LEXIS 15187).

(Summary order available. Document #57-150921-011R.)...
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