Foster v. Wilson
Court of Appeals for the Ninth Circuit
1Opinion of the Court
FRIEDMAN, Circuit Judge:
The principal issue is whether the district court correctly dismissed, pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure for failure to state a claim upon which relief could be granted, a complaint alleging federal securities fraud. We affirm that dismissal, but reverse the district court’s imposition of monetary sanctions against the appellants and their attorney.
The issues were presented in two separate appeals which were argued consecutively. We decide both appeals in a single opinion.
I
A. The background facts, as alleged in the first amended…
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