Diving deeper into the recent federal court decision previously discussed here denying Bristol-Myers’ (BMY) motion to dismiss a securities class action, the New York Law Journal takes a look at the impact of the Supreme Court’s recent Stoneridge case on the decision.
According to the article, one of the defendants sought to be dismissed from the suit under Stoneridge, which limited liability for securities fraud by actors who were “too remote” from investors. Judge Paul A. Crotty, however, rejected that argument finding that “Bodnar made no public statements himself, but investors relied on his good faith in negotiating the Apotex settlement agreement and committing the company to its terms.”
