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In re Oracle Corporation Securities Litigation
No. C 01-0988 MJJ (N.D. Cal. Mar. 24, 2003) In re Oracle Corporation Securities Litigation
1 Citing case
Oracle Corp. Sec. Lit. v. Oracle Corp.
627 F.3d 376 (9th Cir. 2010) Cited 2,670 times 1 Legal AnalysesHolding that an earnings miss, standing alone, is insufficient to establish loss causation; the market must have learned of and reacted to the company's fraudulent practices as opposed to the financial impact of those practices
The district court originally dismissed Plaintiffs' revised second amended complaint for failure to state a claim under Federal Rule of Civil Procedure 12(b)(6), finding that the allegations did not create a strong inference that intra-quarter statements made by Defendants were known to be false when made. See In re Oracle Corp. Sec. Litig., No. 01-CV-988, 2003 WL 23208956 (N.D.Cal. March 24, 2003). In November 2004 we reversed, holding that the operative complaint met the heightened pleading requirements of the Private Securities Litigation Reform Act ("PSLRA").