Securities

On Wednesday, November 13, the Supreme Court heard oral argument in the case NVIDIA Corp. v. Ohman J, a class action suit filed in the Northern District of California alleging securities fraud under § 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5.  Early signals from the Justices’ questions have led observers to believe that the Court may affirm the Ninth Circuit’s decision to reverse and remand the decision granting Nvidia’s motion to dismiss for failure to state a claim. Continue Reading Supreme Court Expresses Skepticism Regarding Nvidia’s Motion to Dismiss Securities Class Action

Last week, the Supreme Court granted certiorari in NVIDIA Corp. v. E. Ohman J:or Fonder AB to address two important questions on the standard for pleading securities fraud claims under the Private Securities Litigation Reform Act (“PSLRA”): (1) whether plaintiffs seeking to allege scienter under the PSLRA based on allegations about internal company documents must plead with particularity the contents of those documents, and (2) whether plaintiffs can satisfy the PSLRA’s falsity requirement by relying on an expert opinion to substitute for particularized allegations of fact.Continue Reading Supreme Court to Review Securities Pleading Standard