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KATYLE v. PENN NAT. GAMING, INC.

No. 09-2272.

637 F.3d 462 (2011)

Robert H. KATYLE; Joseph T. Small; Brent Stille, Individually and on behalf of all others similarly situated, Plaintiffs-Appellants, and Herman Martin Braude, Plaintiff, v. PENN NATIONAL GAMING, INCORPORATED; Peter M. Carlino; William J. Clifford, Defendants-Appellees.

United States Court of Appeals, Fourth Circuit.

Decided: March 14, 2011.

Attorney(s) appearing for the Case

ARGUED: Herman Martin Braude , Braude & Margulies, PC, Washington, D.C., for Appellants. Paul K. Rowe , Wachtell, Lipton, Rosen & Katz, New York, New York, for Appellees. ON BRIEF: Joseph C. Garland , Braude & Margulies, PC, Washington, D.C., for Appellants. Adam M. Gogolak , Wachtell, Lipton, Rosen & Katz, New York, New York; Kevin B. Collins , Danielle M. Estrada , Covington & Burling, LLP, Washington, D.C., for Appellees.

Affirmed by published opinion. Senior Judge BALDOCK wrote the opinion, in which Judge KEENAN joined. Judge WYNN wrote a separate opinion concurring in the judgment.

OPINION

BALDOCK, Senior Circuit Judge:

The Private Securities Litigation Reform Act of 1995 (PSLRA) states that a private plaintiff claiming an implied right of action for securities fraud under § 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), must prove, among other things, "loss causation," i.e., that the defendant's material misrepresentation or omission "caused the loss for which the plaintiff seeks to recover damages...

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