Siracusano v. Matrixx Initiatives, Inc., No. 06-15677 - U.S. Ninth Circuit
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Siracusano v. Matrixx Initiatives, Inc., No. 06-15677

In a securities fraud action alleging that defendant failed to disclose material information regarding its cold remedy drug, Zicam, dismissal of the complaint is reversed where: 1) in relying on the statistical significance standard to determine materiality, the district court made a decision that should have been left to the trier of fact; and 2) the inference that defendants withheld information intentionally or with deliberate recklessness was at least as compelling as the inference that they withheld the information innocently.

Read Siracusano v. Matrixx Initiatives, Inc., No. 06-15677

Appellate Information

Argued and Submitted June 9, 2009

Filed October 28, 2009

Judges

Opinion by Judge Tashima

Counsel

For Appellant:

Joseph D. Daley, Coughlin Stoia Geller Rudman & Robbins LLP, San Diego, CA

For Appellees:

Michael G. Yoder, O'Melveny & Myers LLP, Newport Beach, CA