The 3rd U.S. Circuit Court of Appeals upheld a decision by the U.S. District Court for the District of Delaware to dismiss all claims against a transportation company, ruling that the plaintiffs were unable to prove material misrepresentation with scienter.
The appellate court reached the 2-1 decision inCity of Roseville Employees’ Retirement System v. Horizon Lines Inc. Judges Maryanne Trump Barry and Franklin S. Van Antwerpen voted to affirm the district court’s decision, while Judge Thomas L. Ambro wrote a dissenting opinion.
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