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Firm Profile

PSLRA

The following summaries are of recent published decisions of the California appellate courts, the Ninth Circuit, and the United States Supreme Court. The summaries are presented without regard to whether Severson & Werson represented a party in the case.

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In re Mersho (Mersho v. U.S. Dist. Ct.) (9th Cir. 2021)

Under the PSLRA, the district court must select the plaintiff (and attorney) to represent the plaintiff investor class.  At step one notice of the action is posted so class members can move to be named the representative plaintiff.  Groups of class members may join to pool their purchases and make a joint bid to be the representative plaintiffs.  At step… Read More

Prodanova v. H.C. Wainwright & Co., LLC (9th Cir. 2021) 2021

Under the PSLRA, to state a 10b-5 securities fraud claim, a plaintiff must plead specific facts that make the inference that the defendant acted with fraudulent intent more persuasive than the opposing inference of innocent mistake.  Although it is possible to allege facts making the requisite strong showing of scienter even if the complaint does not allege facts showing the… Read More

Friedman v. Tesla, Inc. (9th Cir. 2021)

Under the Private Securities Litigation Reform Act, forward looking statements are not actionable if accompanied by meaningful cautionary statements, or if not made with actual knowledge of their falsity.  Here, plaintiffs claimed that Tesla's stated goal of producing 5,000 Model 3 cars per week by the end of 2017 was misleading, and led to a drop in stock price once… Read More