Fjarde AP-Fonden v. Morgan Stanley, No. 13-0627 (2d Cir. 2015)
Annotate this CasePlaintiffs filed suit under Sections 10(b) and 20(a) of the Securities and Exchange Act, 15 U.S.C. 78j(b) and 78t(a), alleging that Morgan Stanley and six of its officers and former officers made material misstatements and omissions during the class period in an effort to conceal the company's exposure to and losses from the subprime mortgage market. The district court dismissed all claims for failure to state a claim. The court affirmed, concluding that the district court properly dismissed plaintiffs' claim that defendants' omission of information purportedly required to be disclosed under Item 303 of Regulation S-K, 17 C.F.R. 229.303(a)(3)(ii), violated Section 10(b). The court also affirmed the district court's order dismissing plaintiffs' other claims in a summary order issued simultaneously with this decision.
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