IN RE OVERSTOCK SECURITIES LITIGATION

No. 21-4126.

119 F.4th 787 (2024)

IN RE: OVERSTOCK SECURITIES LITIGATION. The Mangrove Partners Master Fund, Ltd., Plaintiff-Appellant, v. Overstock.com, Inc.; Gregory J. Iverson; Patrick M. Byrne; David J. Nielsen, Defendants-Appellees. National Conference on Public Employee Retirement Systems; Oklahoma Firefighters Pension & Retirement System; Oklahoma Law Enforcement Retirement System; Oklahoma Police Pension and Retirement System; Public Employees Retirement Association of New Mexico; Utah Retirement Systems; Fire and Police Pension Association of Colorado; John C. Coffee; James D. Cox; Jesse M. Fried; Edward F. Greene; Robert J. Jackson, Jr.; Donald C. Langevoort; Joshua Mitts; Minor Myers; Frank Partnoy; Joel Seligman; Marc I. Steinberg; Daniel J. Taylor; Randall S. Thomas; David H. Webber; Better Markets, Inc.; Consumer Federation of America; James J. Angel, Amici Curiae.

United States Court of Appeals, Tenth Circuit.

FILED October 15, 2024.


Attorney(s) appearing for the Case

Michael B. Eisenkraft, Cohen Milstein Sellers & Toll, PLLC, New York, New York (Laura H. Posner, Cohen Milstein Sellers & Toll, PLLC, New York, New York, and Daniel H. Silverman, Molly J. Bowen, and Joshua Handelsman, Cohen Milstein Sellers & Toll, PLLC, Washington, D.C., and Keith M. Woodwell, Katherine E. Pepin, Clyde Snow & Sessions, P.C., Salt Lake City, Utah, with him on the briefs), for Appellant.

John C. Dwyer, Cooley LLP, Palo Alto, California (Jessica Valenzuela Santamaria and Jeffrey D. Lombard, Cooley LLP, Palo Alto, California, and Erik A. Christiansen and Alan S. Mouritsen, Parsons, Behle & Latimer, Salt Lake City, Utah, with him on the brief), for Appellees Overstock.com, Inc., Gregory J. Iverson, and David J. Nielsen.

Robert N. Driscoll, McGlinchey Stafford PLLC, Washington, D.C. (Alfred D. Carry, McGlinchey Stafford PLLC, Washington, D.C, and Cory A. Talbot, Holland & Hart LLP, Salt Lake City, Utah, and Holly Stein Sollod, Holland & Hart LLP, Denver, Colorado, with him on the brief), for Appellee Patrick M. Byrne.

Andrew M. McNeela, Thomas W. Elrod, and Ira M. Press, Kirby McInerney LLP, New York, New York, for Amici Curiae National Conference on Public Employee Retirement Systems, Oklahoma Firefighters Pension & Retirement System; Oklahoma Police Pension and Retirement System; Public Employees Retirement Association of New Mexico; Utah Retirement Systems; and Fire and Police Pension Association of Colorado, in support of Appellant.

Jeremy A. Lieberman and Emma Gilmore, Pomerantz LLP, New York, New York, for Amici Curiae John C. Coffee; James D. Cox; Jessie M. Fried; Edward F. Greene; Robert J. Jackson, Jr.; Donald C. Langevoort; Joshua Mitts; Minor Myers; Frank Partnoy; Joel Seligman; Marc I. Steinberg; Daniel J. Taylor; Randall S. Thomas; and David H. Webber in support of Appellant.

Dylan H. Bruce, Esq., Consumer Federation of America, Washington, D.C., Stephen W. Hall, Esq., Better Markets, Inc., Washington, D.C., for Amici Curiae Better Markets, Inc.; and Consumer Federation of America, in support of Appellant.

Adam C. Trigg, Bergeson LLP, San Jose, California, for Amicus Curiae James J. Angel in support of Appellant.

Before CARSON, LUCERO, and ROSSMAN, Circuit Judges.


For as long as investors have traded securities, some have sought to manipulate the markets for their own gain. After the securities markets crashed in the 1930s, Congress enacted the Securities Act of 1933, 15 U.S.C. § 77a et seq., and the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq. This case presents...

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