In a securities fraud action alleging that defendant failed to disclose material information regarding its cold remedy drug, Zicam, dismissal of the complaint is reversed where: 1) in relying on the statistical significance standard to determine materiality, the district court made a decision that should have been left to the trier of fact; and 2) the inference that defendants withheld information intentionally or with deliberate recklessness was at least as compelling as the inference that they withheld the information innocently.
Read Siracusano v. Matrixx Initiatives, Inc., No. 06-15677
Appellate Information
Argued and Submitted June 9, 2009
Filed October 28, 2009
Judges
Opinion by Judge Tashima
Counsel
For Appellant:
Joseph D. Daley, Coughlin Stoia Geller Rudman & Robbins LLP, San Diego, CA
For Appellees:
Michael G. Yoder, O’Melveny & Myers LLP, Newport Beach, CA
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