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HILDES v. ARTHUR ANDERSEN LLP

No. 11-56592.

734 F.3d 854 (2013)

David HILDES, individually and as Trustee of the David and Kathleen Hildes 1999 Charitable Remainder Unitrust dated June 25, 1999, Plaintiff-Appellant, v. ARTHUR ANDERSEN LLP; Thomas G. Watrous, Sr.; Douglas S. Powanda; John Doe, as the Executor of the Estate of David A. Farley, Defendants-Appellees, and John J. Moores; Christopher A. Cole; Richard A. Hosely; Charles A. Noell, III; Norris Van Den Berg, Outside Directors, Intervenors-Appellees.

United States Court of Appeals, Ninth Circuit.

Filed August 19, 2013.

Attorney(s) appearing for the Case

Michael A. Lynn (argued), Steven C. Chin , and Allan M. Pepper , Kaye Scholer, LLP, New York, NY; Robert G. Barnes , Kaye Scholer, LLP, Los Angeles, CA, for Plaintiff-Appellant.

Harry A. Olivar, Jr. (argued), John B. Quinn , Valerie Roddy , and Molly Stephens , Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA, for Intervenors-Appellees.

Anne H. Hartman and Wayne T. Lamprey , Goodin MacBride Squeri Ritchie & Day LLP, San Francisco, CA; Robert H. Logan , Keesal, Young & Logan, Long Beach, CA, for Defendants-Appellees.

Before: STEPHEN S. TROTT, CARLOS F. LUCERO, and WILLIAM A. FLETCHER, Circuit Judges.

OPINION

LUCERO, Circuit Judge:

David Hildes appeals from a district court order denying leave to amend his complaint. Hildes sought to add a claim under Section 11 of the Securities Act of 1933, 15 U.S.C. § 77k, against former outside directors of Peregrine Systems, Inc. ("Peregrine"). The district court concluded that amendment would be futile because the "negative causation" defense barred Hildes' proposed claim. It noted that Hildes entered into...

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