• Home
  • About
  • Webcasts
  • ‘Enforcement 40’ for 2020
  • Enforcement Hall of Fame
  • Contact
Securities Docket
Securities-Docket-Leaderboard_9Sec
  • Class Actions
  • Criminal
  • Global
  • People
  • SD Insider
  • SEC
  • Video
  • Subscribe by email
  • Subscribe
Browse: Home / 2008 / November / 06 / Electing to Stand on Your Dismissed Complaint

Electing to Stand on Your Dismissed Complaint

By Securities Docket on November 6, 2008, 11:56 am

On September 23, 2008, Judge Irma Gonzalez of the US District Court for the Southern District of California dismissed plaintiffs’ Second Amended Complaint in the securities class action against Neurocrine Biosciences, Inc.  The court granted plaintiffs leave to file a Third Amended Complaint within 30 days of its order.

On October 31, however, the court noted that rather than amending the complaint, plaintiffs had filed a “Notice of Election to Stand on the Second Amended Consolidated Complaint” requesting that final judgment be entered against them in the case.  The court therefore entered judgment against plaintiffs and closed the case.

“Electing to stand” on a complaint that the court has already deemed to fail to state a claim, as in this case, is rare but apparently not unprecedented.  The strategy seems to be to seek an immediate appeal.  A quick search shows that in a 1995 Third Circuit opinion (click here) in a case against Westinghouse, for instance, the court stated that

Plaintiffs filed a “Notice of Intention to Stand on Second Consolidated Amended Class Action Complaint,” in which they informed the district court that they would not be amending the complaint; rather, plaintiffs stated that they were going to “stand” on the complaint and seek immediate appellate review.

More recently, in a Ninth Circuit case against Golden State Vintners, the court noted that

On February 15, 2007, the Lead Plaintiff filed a notice of his election to instead stand on his Amended Complaint, and requested that final judgment be entered so that appeal can be taken therefrom.

Read the Order for Entry of Judgment in Neurocrine Biosciences, Inc. (via RiskMetrics Group’s Securities Class Action Services)

Blog Widget by LinkWithin

Posted in Class Actions | Tagged Appellate, Dismissals, Features

« Previous Next »

‘Enforcement 40’ for 2020

Securities-Docket_Medium-Rectangle_CaseStudyArrow

Our Sponsors

Securities-Docket_260x125_14Sec Ankura 260x125

Join Us On LinkedIn

Join the Securities Litigation and Enforcement Group on LinkedIn

Archives

Copyright © 2021 Securities Docket.

Powered by WordPress and Hybrid.