City of Roseville Employees' Retirement System v. Horizon Lines, Inc.

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that financial report was misleading because the company did not disclose that some of its revenue was obtained unlawfully
• falsely “attributing [financial] performance to only lawful conduct falls below the level of honesty required by the securities laws.”
• defendants stock sales “specified by their Rule 10b5–1 plans…do not marginally increase the likelihood that defendants make knowingly false or misleading statements out of a desire for personal financial gain”
• defendants stock sales “specified by their Rule 10b5–1 plans…do not marginally increase the likelihood that defendants make knowingly false or misleading statements out of a desire for personal financial gain”
• “SEC regulations require a company either to (1) adopt and make publicly available a code of ethics . . . or (2) to explain its reasons for failing to do so.”
• “Even though the statements may have accurately depicted [the defendant]'s financial performance, attributing such performance to 27 only lawful conduct falls below the level of honesty required by the securities laws.”

Source: CourtListener parenthetical corpus (CC0).