Did Flowserve, um, inflate its financials?
To be successful, a securities class-action plaintiff must thread the eye of a needle made smaller and smaller over the years by judicial decree and congressional action. Those ever higher hurdles are not, however, intended to prevent viable securities actions from being brought.
Alaska Electrical Pension Fund v. Flowserve Corp., No. 07-11303, slip op. at 16 (5th Cir. June 19, 2009) (per curiam) (vacating denial of motion for class certification and reversing summary judgment on ground that plaintiffs couldn’t show “loss causation”).
Yes. Isn’t it pretty to think so?
Bonus: Associate Justice (Ret.) Sandra Day O’Connor sat on the panel.