Credit: BillionPhotos.com/Adobe Stock 'Perplexing': 6th Circuit Judge Criticizes High Bar for Securities Lawsuits
"Hopefully, a future panel of this Court, or the Supreme Court, can clarify the law along the lines described here, so that the majority's untenable views are not sustained," Judge Eric Clay wrote.
April 30, 2024 at 04:04 PM
3 minute read
Securities Litigation
The U.S. Court of Appeals for the Sixth Circuit on Monday upheld the dismissal of a lawsuit accusing tech company Root Inc. of violating federal securities laws, but a concurring judge called the pleading standard applied by his colleagues "particularly perplexing" and highlighted a circuit split on the legal issue.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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