In Re First Union 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.

• holding that losses of understatement of “a mere 2.1 percent of operating earnings” are immaterial
• holding that “averments of fraud must state the precise time and place of the fraud and the acts alleged to be fraudulent ... substantiated with particulars”
• concluding that \‘group pleading’ is clearly inconsistent with Rule 9(b)’s express requirements of specific- ity\
• noting that pleading fraud by hindsight “has been categorically rejected by numerous courts”
• finding that insiders sales were “of little probative value” when the bulk of the sales occurred prior to the time that most of the problems arose at the company, and many months before the allegedly corrective disclosure
• rejecting plaintiffs claim that “because of their positions as corporate officers, defendants must have known of the allegedly false and misleading nature of the alleged misstatements”

Source: CourtListener parenthetical corpus (CC0).