Panel: Investor Failed To Plead Actionable Misstatement In Securities Suit

NEW YORK - A federal district court did not err in determining that a shareholder failed to plead an actionable misstatement as required pursuant to federal securities law because the shareholder improperly pleaded fraud by hindsight, a Second Circuit U.S. Court of Appeals panel ruled Nov. 23 (SRM Global Fund Limited Partnership v. Countrywide Financial Corp., et al., No. 10-2919, 2nd Cir.; See June 2010, Page 21). Full story on lexis.com