In Re Gupta 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 sales of corporate stock by six individual defendants for a total of approximately $4,200,000 were sufficient to support inference of scienter against them under pre-PSLRA pleading standard
• holding “general statements about the future and ‘puffing’ about a company,” such as “[i]t’s a great time for a company like ours,” inactionable
• dismissing Section 10(b) claim against outside directors who had access to company’s financial reports and press releases
• requiring “assertions of specific day-to-day involvement in the management” of the company
• statement that defendant was “comfortable with Wall Street estimates that the company would earn 41 cents a share” held actionable but statement that predictions were “within reason” not actionable
• no 24 presumption of control from status as outside director, nor for minority shareholder with agent on 25 Board

Source: CourtListener parenthetical corpus (CC0).