Perspective
Jul. 15, 2010
Ninth Circuit: Forward-Looking Statements Protected by Safe Harbor Provision
James Lyons, Amy Park and Lanelle Meidan of Skadden dissect a 9th Circuit decision that resolves a years long split among district courts on which forward-looking statements are protected by the safe harbor provision.
On June 30, 2010, the 9th U.S. Circuit Court of Appeals joined the 5th, 6th and 11th Circuits in holding that a forward-looking statement is protected by the safe harbor provision of the Private Securities Litigation Reform Act (PSLRA), 15 U.S.C. Section 78u-5, regardless of the defendant's state of mind when making the statement so long as the statement is immaterial or is specifically identified a...
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