U.S. Supreme Court Impacts Investors’ Rights in Pending Securities Litigation
Potential lead plaintiffs must “[j]oin the action individually or file individual claims if the class action fails.” – U.S. Supreme Court Justice Ruth Bader Ginsburg, China Agritech, Inc. v. Michael H. Resh, et al.
On June 11, 2018, the United States Supreme Court issued a highly anticipated decision in China Agritech, Inc. v. Michael H. Resh, et al. Wolf Haldenstein partners Matthew M. Guiney and Betsy Manifold represented the plaintiffs/respondents, having commenced the action on behalf of aggrieved shareholders of China Agritech after two prior cases had failed at the class certification stage. After the district court dismissed the case as time-barred, attorneys at Wolf Haldenstein argued and achieved a reversal victory at the Ninth Circuit. Wolf Haldenstein subsequently vigorously litigated the matter at the U.S. Supreme Court, but the Court reversed the Ninth Circuit’s decision. Along with the Court’s opinion in California Public Employees’ Retirement System v. ANZ Securities Inc., Slip op., No. 16-373 (June 26, 2017) issued last term, the Court’s China Agritech opinion clarifies the steps that investors must take in order to protect their rights when faced with shareholder losses in publicly traded companies.
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