In Re Azurix Corp. Securities Litigation

How courts have described this case

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

• the defendants’ resignations after the loss disclosures made inferring negligent mismanagement more likely than inferring the necessary scienter for culpability
• “For potential § 12(a)(2) liability to exist, defendants must have passed title to the plaintiffs as a ‘direct seller’ (such as an underwriter) or solicited the transaction in which title passed to them,”

Source: CourtListener parenthetical corpus (CC0).