Spitzberg v. Houston American Energy Corp.
Court of Appeals for the Fifth Circuit
1Opinion of the Court
W. EUGENE DAVIS, Circuit Judge:
In this case, Plaintiffs-Appellants have sued Defendants-Appellees in a private action for securities fraud under § 10(b) of the Securities Exchange Act of 1934, codified at 15 U.S.C. § 78j(b), and Rule 10b-5, codified at 17 C.F.R. § 240.10b-5. Accordingly, Plaintiffs-Appellants are obliged under the Private Securities Litigation Reform Act (“PSLRA”) to conform the allegations in their complaint to the heightened pleading requirements set forth at 15 U.S.C. § 78u-4. Arguing that Plaintiffs-Appellants failed to meet these standards, Defendants-Appellees filed a…
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