Securities,
Civil Litigation,
Corporate,
9th U.S. Circuit Court of Appeals
Mar. 9, 2018
In shareholder suit, 9th Circuit says solar company made honest accounting mistake
The ruling was based on a standard set by Tellabs Inc. v. Makor Issues & Rights Ltd., which requires that scienter must be “more than merely plausible or reasonable.”
Judge Milan D. Smith Jr. wrote the opinion for a unanimous panel of the 9th U.S. Circuit Court of Appeals.
The 9th U.S. Circuit Court of Appeals has affirmed the dismissal of a shareholder suit against SolarCity Corporation that claimed the company erroneously altered its accounting formula before it went public to inflate its profitability.
SolarCity is a subsidiary of Tesla Inc. The San Mateo company specializes in services such as the sale and leasing of commercial and residential solar panels.
The f...
To continue reading, please subscribe.
For only $95 a month (the price of 2 article purchases)
Receive unlimited article access and full access to our archives,
Daily Appellate Report, award winning columns, and our
Verdicts and Settlements.
Or
$895, but save $100 when you subscribe today… Just $795 for the first year!
For only $95 a month (the price of 2 article purchases)
Receive unlimited article access and full access to our archives,
Daily Appellate Report, award winning columns, and our
Verdicts and Settlements.
Or
$895, but save $100 when you subscribe today… Just $795 for the first year!
Or access this article for $45
(Purchase provides 7-day access to this article. Printing, posting or downloading is not allowed.)
Already a subscriber?
Sign In