Article
Northern District Of California Grants Motion To Dismiss Securities Class Action Against Payment Technology Company
A federal court dismissed a securities fraud class action against a payment technology company, finding that plaintiffs failed to adequately demonstrate that alleged misstatements about routing volume caused the stock price decline following DOJ antitrust disclosures. The court held that expert opinions cannot substitute for well-pleaded facts when establishing loss causation, and that a 6.6% price drop followed by quick recovery was insufficient to support the claim.
A&O Shearman
