Indiana State Dist. Council of Laborers & Hod Carriers Pension & Welfare Fund v. Omnicare, Inc., No. 07-6379 - U.S. Sixth Circuit
U.S. Sixth Circuit - The FindLaw 6th Circuit Court of Appeals Opinion Summaries Blog

Indiana State Dist. Council of Laborers & Hod Carriers Pension & Welfare Fund v. Omnicare, Inc., No. 07-6379

In plaintiff-investors' lawsuit against the defendant, nation's largest provider of pharmaceutical care for the elderly, district court's dismissal is affirmed for the most part where: 1) dismissal of the section 10(b), section 20(a), and Rule 19b-5 claims is affirmed as the complaint fails to allege a material misstatement or omission, fails to plead loss causation, and the complaint does not sufficiently establish that defendants actually knew that the legal compliance statements were false when made, 2) district court's denial of Alaska Electrical's motion to intervene is affirmed; and 3) district court's dismissal of the section 11 of the Securities Act of 1933 is reversed and remanded as loss of causation is not an element of a section 11 claim, but an affirmative defense to it.   

Read Indiana State Dist. Council of Laborers & Hod Carriers Pension & Welfare Fund v. Omnicare, Inc., No. 07-6379

Appellate Information

Argued: September 18, 2009

Decided and Filed: October 21, 2009

Judges

Opinion by District Judge Mills

Counsel

For Appellant:  Eric Alan Issacson, Coughlin Stoia Geller Rudman & Robbins LLP, San Francisco, California

For Appellee:  Harvey Kurzweil, Dewey & LeBoeuf LLP, New York, New York