High Court Dismisses Exchange Act Section 14(e) Pleading Standard Appeal

Mealey's (April 23, 2019, 11:38 AM EDT) -- WASHINGTON, D.C. — The U.S. Supreme Court on April 23 ruled that a petition for writ of certiorari in an appeal of a Ninth Circuit U.S. Court of Appeals ruling in a securities class action lawsuit that Section 14(e) of the Securities Exchange Act of 1934 requires only a showing of negligence and not scienter was improvidently granted (Emulex Corp., et al. v. Gary Varjabedian, et al., No. 18-459, U.S. Sup.)....