IN RE BOFI HOLDING, INC. SECURITIES LITIGATION

No. 18-55415.

977 F.3d 781 (2020)

IN RE BOFI HOLDING, INC. SECURITIES LITIGATION, Houston Municipal Employees Pension System, Plaintiff-appellant, v. Bofi Holding, Inc.; Gregory Garrabrants; Andrew J. Micheletti; Paul J. Grinberg; Nicholas A. Mosich; James S. Argalas, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Filed October 8, 2020.


Attorney(s) appearing for the Case

Michael J. Miarmi (argued) and Daniel P. Chiplock , Lieff Cabraser Heimann & Bernstein LLP, New York, New York; Richard M. Heimann , Katherine C. Lubin , and Michael K. Sheen , Lieff Cabraser Heimann & Bernstein LLP, San Francisco, California; for Plaintiff-Appellant.

John P. Stigi III (argued), Sheppard Mullin Richter & Hampton LLP, Los Angeles, California; Polly Towill , Sheppard Mullin Richter & Hampton LLP, Los Angeles, California; for Defendants-Appellees.

Partial Concurrence and Partial Dissent by Judge Lee.


OPINION

To recover damages in a private securities fraud action, the plaintiff must establish a causal connection between the defendant's fraudulent conduct and the plaintiff's economic loss—an element known as loss causation. One way to prove loss causation is to...

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