Corporate & Business Law - Top Cases
4/8/2009 12:59:48 PM EST
Magruder v. Halliburton Co., 2009 U.S. Dist. LEXIS 27561
Defendants' motions to dismiss plaintiffs' complaint for failure to satisfy the stringent requirements for pleading an action based on securities fraud were granted. The motions were granted for failure to adequately plead scienter; failure to plead reliance or loss causation; failure to allege economic loss; impermissible use of group pleading; impermissible conclusory allegations; and immaterial puffery. The Court granted plaintiffs leave to file an amended complaint to comply with the strict pleading requirements of fraud.
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