Securities Class Action
NCLC urged the Ninth Circuit to reject certification for a securities class because the plaintiffs failed to adequately demonstrate that they purchased the stock in reliance on a misrepresentation. In this case, plaintiffs accuse Amgen of making misleading statements about one of its products. In its brief, NCLC argued that merely proving the existence of an efficient market is not sufficient in showing reliance on an alleged misrepresentation by the defendant. NCLC warned that businesses are forced to pay costly settlements for unmeritorious cases when classes are certified without a rigorous analysis of class certification questions.
Amicus brief filed 4/2/10. Decided 11/8/2011.