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Ninth Circuit Affirms Motion To Dismiss Securities Fraud Claims Against Wholesale Retailer, Finding Plaintiffs Failed To Adequately Plead Scienter - Corporate/Commercial Law

To print this article, all you need is to be registered or login on Mondaq.com. On July 20, 2021, a panel of the United States Court of Appeals for the Ninth Circuit unanimously affirmed a decision of the United States District Court for the Western District of Washington dismissing with prejudice a putative class action lawsuit asserting claims under Section 10(b) of the Securities Exchange Act of 1934 (the Exchange Act ) against a wholesale retailer (the Company ) and certain of its executives, as well as Section 20(a) claims against those individual defendants .   Davoli, et al. v. Costco Wholesale Corp., et al., No. 20-35821 (9th Cir. July 20, 2021).  Plaintiff

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