Miller v. Thane Int’l., Inc., No. 09-55474, involved a securities fraud class action alleging that a corporation’s pre-merger prospectus contained materially misleading representations because it implied that the company’s shares would list on the NMS.  The court affirmed judgment for defendant on the grounds that 1) in a prior order, the court did not comment on the reliability of the company’s stock prices, other than to state what is undisputed, namely, that the stock traded in an inefficient market; and 2) stock price evidence may be used in a loss causation assessment when the market for a stock is not Cammer-level efficient.

Home Builders’ Assn. of N. Cal. v. US Fish & Wildlife Serv., No. 07-16732, concerned a challenge to the designation by the U.S. Fish and Wildlife Service (FWS) of about 850,000 acres of land as critical habitat for fifteen endangered or threatened vernal pool species.  The court affirmed summary judgment for defendants, on the grounds that 1) Gifford Pinchot said nothing about how many Primary Constituent Elements must be included in an area for it to be classified as critical habitat; 2) there was no reason why FWS could not determine what elements were necessary for conservation without determining exactly when conservation would be complete; and 3) plaintiff failed to suggest a method that might have produced a more precise delineation of the protected area.

Related Resources

  • Full Text of Miller v. Thane Int’l., Inc., No. 09-55474
  • Full Text of Ebeid v. Lungwitz, No. 09-16122
  • Full Text of Home Builders’ Assn. of N. Cal. v. US Fish & Wildlife Serv., No. 07-16732

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