• Second Circuit Vacates Decision Denying a Motion to Dismiss Securities Fraud Claims against Corporate Defendants and Holds that Plaintiff Failed Adequately To Plead Scienter on the Part of Those Corporate Defendants
  • July 25, 2008
  • Law Firm: Paul, Weiss, Rifkind, Wharton & Garrison LLP - New York Office
  • The Second Circuit's recent decision in Teamsters Local 445 Freight Division Pension Fund v. Dynex Capital Inc. & Merit Securities Corp., 2008 U.S. App. LEXIS 13449 (2d Cir. June 26, 2008), represents an important clarification of the requirements for pleading "corporate scienter" in connection with claims for securities fraud under the PSLRA.