9th Circuit Issues Mandate After Rehearing Denied In Revenue Expectations Suit

Mealey's (May 11, 2023, 2:50 PM EDT) -- SAN FRANCISCO — The Ninth Circuit U.S. Court of Appeals issued a formal mandate one week after denying a petition for rehearing en banc filed by a cybersecurity services provider and two of its senior executives after a divided panel ruled that while a federal district court erred in concluding that shareholders failed to sufficiently plead the requisite falsity and scienter as to some alleged misstatements made by those petitioners in concealing that the company would not be able to meet its revenue expectations, certain of the statements were forward-looking and protected by a safe harbor provision....