City of Omaha v. CBS Corp., No. 11-2575 (2d Cir. 2012)Annotate this Case
Plaintiffs appealed from the dismissal of their amended and second amended complaints for failure to state a claim under Rule 12(b)(6). The two complaints asserted claims for relief against defendants under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. 78j(b), 78t(a), and S.E.C. Rule 10b-5, 17 C.F.R. 240.10b-5. Plaintiffs claimed that CBS delayed interim impairment testing of the corporation's intangible assets despite indicia that such a test was necessary at an earlier date. The court affirmed the district court's opinion dismissing the complaints and held that the district court's conclusion was reinforced by Fait v. Regions Fin. Corp.