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9th Circuit Reverses Rare Verdict in Securities Class Action
A securities class action that was rare two years ago for being tried to verdict may be headed back to district court, with the defense's win in jeopardy. On Monday, the 9th Circuit ruled that a Canadian direct marketing company had misrepresented merger details in public filings with the SEC, and that those misrepresentations were material to shareholders. The materiality of an unfulfilled promise to list shares on a big exchange appears to be an issue of first impression among the federal circuit courts.