Securities,
9th U.S. Circuit Court of Appeals
Nov. 20, 2023
No lead plaintiff status, no standing ruling draws dissent and an appeal
Ninth Circuit says that investor who failed to stand up and seek lead plaintiff status has no standing to appeal an adverse ruling.
Jonathan D. Uslaner
Partner
Bernstein, Litowitz, Berger & Grossman LLP
Phone: (310) 819-3472
Email: jonathanu@blbglaw.com
Univ of Texas SOL; Austin TX
Lauren M. Cruz
Senior Associate
Bernstein, Litowitz, Berger & Grossmann LLP
Phone: (310) 819-3480
Email: Lauren.Cruz@blbglaw.com
In Habelt v. iRhythm Technologies, Inc., 83 F.4th 1162 (9th Cir. 2023), a split three-judge panel from the Ninth Circuit held that an investor who was the first to file a putative securities fraud class action complaint, but who did not seek appointment as the lead plaintiff under the Private Securities Litigation Reform Act (PSLRA), lacks standing to appeal an adverse decision by the district court dismissing the action. The majority deci...
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