On January 18, 2023, the Fifth Circuit unanimously reversed the Northern District of Texas's dismissal of a securities class action contending that Six Flags and two of its executives misled investors by projecting impossible timelines for opening new theme parks in China.
Introduction - On January 18, 2023, the Fifth Circuit unanimously reversed the Northern District of Texas’s dismissal of a securities class action contending that Six.
The Class Action Fairness Act ("CAFA"), enacted in 2005, expanded federal jurisdiction over class actions. However, CAFA contains some exceptions, or instances when a federal court may not exercise jurisdiction.