Castellano v. Young & Rubicam, Inc.

FEINBERG, Circuit Judge:

Plaintiff Ugo Castellano appeals from a grant of summary judgment by the United States District Court for the Southern District of New York (Sidney H. Stein, J.) to defendant Young & Rubicam (Y & R). The appeal principally raises questions of materiality and loss causation under the federal securities laws. We affirm in part and reverse and remand in part for further proceedings.

I. Background

A. Castellano’s Departure from Y & R

Y & R is an international advertising agency. For many years, it employed Castellano in various management positions in its offices in Brazil…