T. Jeffrey SIMPSON, on behalf of himself and all others similarly situated, Plaintiff, and
California State Teachers Retirement System, Plaintiff-Appellant,
v.
AOL TIME WARNER INC.; Cendant Corporation; Richard A. Smith; L90, aka Max Worldwide; David Colburn; Eric Keller, Defendants-Appellees.
United States Court of Appeals, Ninth Circuit.https://leagle.com/images/logo.png
Argued and Submitted February 6, 2006.
Filed June 30, 2006.
Attorney(s) appearing for the Case
Joseph W. Cotchett (argued), Bruce L. Simon and Nancy L. Fineman, Cotchett, Pitre, Simon & McCarthy, Burlingame, CA, for plaintiff-appellant California State Teachers' Retirement System.
Peter T. Barbur (argued), Cravath, Swaine & Moore LLP, New York, NY; John B. Quinn, Quinn Emanuel Urquhart Oliver & Hedges LLP, Los Angeles, CA, for defendant-appellee Time Warner Inc. Samuel Kadet, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY; Jeffrey Speiser, Stern & Kilcullen, Roseland, NJ, for defendants-appellees Cendant Corporation and Richard A. Smith. Carl S. Kravitz, Zuckerman Spaeder LLP, Washington, DC, for defendant-appellee David Colburn. J. Christian Word, Latham & Watkins LLP, Washington, DC, for defendant-appellee Eric Keller. Daniel J. Tyukody, Orrick, Herrington & Sutcliffe LLP, Los Angeles, CA, for defendant-appellee L90, Inc. d/b/a MaxWorldwide, Inc.
Michael L. Post, Senior Counsel, Washington, DC, on behalf of the Securities and Exchange Commission as amicus curiae in support of appellant. Peter H. Mixon, General Counsel, Sacramento, CA; Keith Johnson, Chief Legal Counsel, Madison, Wisconsin, on behalf of the California Public Employees' Retirement System and the State of Wisconsin Investment Board as amici curiae in support of appellant. Eric Alan Isaacson, Lerach Coughlin Stoia & Robbins LLP, San Diego, CA, on behalf of the Regents of the University of California as amicus curiae in support of appellant. Lawrence S. Robbins, Robbins, Russell, Englert, Orseck & Untereiner LLP, Washington, DC, on behalf of the American Institute of Certified Public Accountants as amicus curiae in support of appellees. David H. Braff, Sullivan & Cromwell LLP, New York, NY, on behalf of the Bond Market Association, et al., as amici curiae in support of appellees.
Before BEEZER, T.G. NELSON, and GOULD, Circuit Judges.
United States Court of Appeals, Ninth Circuit.
GOULD, Circuit Judge.
This consolidated class action litigation alleges that multiple actors engaged in a scheme to commit securities fraud by overstating the reported revenues of an Internet company, Homestore.com ("Homestore"). Homestore eventually restated its revenues, resulting in a decrease in revenues of more than $170 million and corresponding declines in Homestore's stock value. The district court dismissed the securities claims against Defendants-Appellees...
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