Mineworkers' Pension Scheme v. First Solar, Inc., No. 15-17282 (9th Cir. 2018)
Annotate this CaseA general proximate cause test is the correct test for loss causation under the Securities Exchange Act of 1934. The Ninth Circuit affirmed the district court's denial in part of defendants' motion for summary judgment. In this case, the district court held that the evidence, if accepted by the jury, could satisfy the proximate cause loss causation test with respect to five of the six alleged stock price declines. The panel held that the district court applied the correct test in making that determination and did not reach any remaining issues.
Court Description: Securities Fraud. The panel affirmed the district court’s denial in part of defendants’ motion for summary judgment in an action under the Securities Exchange Act of 1934. The panel held that a general proximate cause test is the correct test for loss causation under the Act, and there is no requirement that the defendant’s fraud have been revealed to the market.
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