Claassen, P.C. obtained a dismissal of a securities fraud lawsuit against a group of officers and and directors of several start up companies. In a 40-page opinion, Judge Phyllis Hamilton of the U.S. District Court for the Northern District of California dismissed the plaintiff’s claims for control person liability under Section 20(a) of the Securities Exchange Act of 1934. At the same time, Judge Hamilton dismissed state law claims for control person liability under California Corporations Code §§ 25401, 25501, and 25501.5 with prejudice. The Court granted leave to amend with respect to plaintiff’s federal claims, but admonished the plaintiff to omit previously dismissed claims and to add no additional claims without the court’s permission. A copy of the Court's March 13, 2015 opinion is available here. In filing the motion to dismiss, the firm played a pivotal role in a group of attorneys that worked on the defense briefs in securing a dismissal for the firm's clients.
John Claassen is an experienced litigator. He practices from the offices of Claassen, P.C. in Oakland, California. For more information about his firm, please click here. While this blog entry is published for informational purposes, portions of this blog post may constitute “communications” within the meaning of California Rule of Professional Conduct 1-400. Thus, as a possible "Advertisement" it is not intended to constitute legal advice. Similarly, no statement made in this blog post is intended as a guarantee, warranty, or promise about the outcome of any litigation matter taken on by the firm. This Advertisement is not intended for any matter that would require the rendition of legal services outside of the State of California or under the laws of any jurisdiction outside of the State of California. Copyright 2015. All rights reserved.