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Ninth Circuit Reverses District Court's Dismissal of Amgen Stock Drop Case
October Three Consulting Link to more items from this source
Nov. 10, 2014
"[T]he court's 'more harm than good' discussion ignores the consequences to participants who purchased stock before the period under litigation began.... Should plan participants be given a superior and additional claim (superior and additional to the securities law claim that non-participants have) simply because they bought their stock in plan? Are an issuer/plan fiduciary's disclosure obligations to participants greater than its disclosure obligations to mere shareholders? Isn't that letting the ERISA-disclosure tail wag the securities law-disclosure dog -- will it not result in the announcement of market-moving material information to plan participants first, before it is announced to securities buyers-and-sellers generally?" [Harris v. Amgen, Inc., No. 10-56014 (9th Cir. Oct. 30, 2014)]

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