Slayton v. Am. Express Co., 2010 U.S. App. LEXIS 10072 (2nd Cir. May 18, 2010)

Slayton v. Am. Express Co., 2010 U.S. App. LEXIS 10072 (2nd Cir. May 18, 2010)

LexisNexis Core Terms: forward-looking, cautionary, safe harbor, high-yield, portfolio, deterioration, scienter, misleading, prong, financial statement, actual knowledge, accompanied, disclosure, materially, investment-grade, projection, conference report, remainder, issuer, important factors, state of mind, historical fact, opposing, default, warning, motive, financial condition, reasonable basis, investors, otal

Counsel: KENT A. BRONSON (Sanford P. Dumain, Arthur R. Miller, of counsel), Milberg LLP, New York, NY; Christopher Lovell and Imtiaz A. Siddiqui, Lovell Stewart Halebian LLP, New York, NY; Law Offices of Lawrence G. Soicher, New York, NY, for Plaintiffs-Appellants.

ROBERT E. ZIMET (Susan Saltzstein, Christopher P. Malloy, William F. Clarke, Jr., Irene M. Ten Cate, Daniel M. Gonen, of counsel), Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY, for Defendants-Appellees.

MICHAEL A. CONLEY, Deputy Solicitor (Mark D. Cahn, Deputy General Counsel, Jacob H. Stillman, Solicitor, Dominick V. Freda, Senior Counsel, of counsel), Securities and Exchange Commission, Washington, DC, for amicus curiae Securities and Exchange Commission.

Judges: CALABRESI and KATZMANN, Circuit Judges. **

** Judge Jon O. Newman, originally a member of the panel, recused himself from consideration of this matter after oral argument took place and did not participate in this decision. This appeal is being decided by the remaining members of the panel, who are in agreement. See 2d Cir. R. 0.14.

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See also analysis of this case:  Meaningful Cautionary Language under the PSLRA by Tom Gorman