In a securities fraud action against Steve Jobs, Apple corporation, and others concerning the issuance of an allegedly false and misleading proxy solicitation for a stock option plan, with allegations based on the backdating of stock options by Apple, dismissal of the complaint is affirmed where the Private Securities Litigation Reform Act did not differentiate between plaintiffs seeking legal and equitable remedies, and thus, without an allegation of economic loss, no remedy, equitable or otherwise, was available. However, the district court's denial of plaintiffs' request for leave to amend the complaint is reversed where the district court erred in applying a "waiver" rule to an omitted claim.
Argued and Submitted October 7, 2009
Filed January 28, 2010
Opinion by Judge Thompson
Michael J. Barry, Grant & Eisenhoffer P.A., Wilmington, DE