Northern District of California Delineates When Affirmative Statements Can Create a Duty to Disclose
By EsqSocial Corporation 31/03/21
In a decision likely to cause some consternation for companies defending against federal securities claims, the U.S. District Court for the Northern District of California issued an unpublished decision on March 22, sustaining an extremely narrow omissions theory of liability alleged in City of Sunrise Firefighters’ Pension Fund v. Oracle Corp. The court dismissed most of the stockholder plaintiffs’ claims against Oracle Corporation (Oracle) and its officers for alleged violations of Sections...
By: Troutman Pepper