The High Court Report13 Nov 2024

Oral Argument: NVIDIA Corp. v. E. Ohman J:or Fonder AB | Case No. 23-970 | Date Argued: 11/13/24

Case Info: NVIDIA Corp. v. E. Ohman J:or Fonder AB | Case No. 23-970 | Date Argued: 11/13/24 | Date Decided: 12/11/24

Link to Docket: Here.

Background:

The Private Securities Litigation Reform Act (PSLRA) imposes "[e]xacting pleading requirements" on plaintiffs who file securities fraud class actions. Tellabs, Inc. v. Makor Issues & Rights, Ltd., 551 U.S. 311, 313 (2007). To state a claim, plaintiffs must "state with particularity all facts" supporting their allegations of falsity and must also allege "facts giving rise to a strong inference" of the required mental state. 15 U.S.C § 78u-4(b)(1), (2)(A); see also Fed. R. Civ. P. 9(b). Plaintiffs frequently try to meet these requirements by claiming that internal company documents contradicted the company's public statements.

Questions Presented:

Whether plaintiffs seeking to allege scienter under the PSLRA based on allegations about internal company documents must plead with particularity the contents of those documents.
Whether plaintiffs can satisfy the PSLRA's falsity requirement by relying on an expert opinion to substitute for particularized allegations of fact.

Result: Writ of certiorari DISMISSED as improvidently granted by per curiam Opinion.

Link to Opinion: Here.

Oral Advocates:

For petitioners: Neal K. Katyal, Washington, D. C.
For respondents: Deepak Gupta, Washington, D. C.; and Colleen R. Sinzdak, Assistant to the Solicitor General, Department of Justice, Washington, D. C. (for United States, as amicus curiae.)

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