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Fifth Circuit Emphasizes Strict Pleading Requirements for Securities Fraud Plaintiffs in Rare Interlocutory Reversal |
August 13, 2008
In a rare interlocutory reversal, the Fifth Circuit held on July 29, 2008, that a district court incorrectly denied dismissal of a federal securities class action complaint that failed to satisfy the Supreme Court's strict pleading requirements for scienter. See Indiana Electrical Workers' Pension Trust Fund IBEW v. Shaw Group Inc., No. 06-30908, __ F.3d __, 2008 WL 2894793 (5th Cir. July 29, 2008). The decision serves notice that the rigorous pleading regime in the Fifth Circuit remains in force and could signal a greater willingness by the Fifth Circuit to review denials of Rule 12(b)(6) motions to dismiss.
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The views expressed in this article are solely the views of the author and not Martindale-Hubbell. This article is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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