Legal Opinion
Singh v. Cigna Corp.
Court of Appeals for the Second Circuit
Decided March 5, 2019No. 17-3484-cv; August Term 2018PublishedCited by 113 opinions
1Opinion of the Court
José A. Cabranes, Circuit Judge:
This case presents us with a creative attempt to recast corporate mismanagement *60as securities fraud. The attempt relies on a simple equation: first, point to banal and vague corporate statements affirming the importance of regulatory compliance; next, point to significant regulatory violations; and voila , you have alleged a prima facie case of securities fraud! The problem with this equation, however, is that such generic statements do not invite reasonable reliance. They are not, therefore, materially misleading, and so cannot form the basis of a fraud case.
Le…
2Cases cited12 opinions
- Tellabs, Inc. v. Makor Issues & Rights, Ltd.Supreme Court of the United States · 2007
- Basic Inc. v. LevinsonSupreme Court of the United States · 1988
- ATSI Communications, Inc. v. Shaar Fund, Ltd.Court of Appeals for the Second Circuit · 2007
- John C. Norton v. Sam's Club, Wal-Mart Corp., Wal-Mart Stores, Inc.Court of Appeals for the Second Circuit · 1998
- King v. BurwellSupreme Court of the United States · 2015
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3Cited by113 opinions
- University of Puerto Rico Retirement System v. Ocwen Financial CorporationCourt of Appeals for the Eleventh Circuit · 2019
- Plumbers & Steamfitters Local v. Danske BankCourt of Appeals for the Second Circuit · 2021
- Sacerdote v. Cammack Larhette Advisors, LLCCourt of Appeals for the Second Circuit · 2019
- Nnebe v. Daus Stallworth v. JoshiCourt of Appeals for the Second Circuit · 2019
- In Re: Ocular Therapeutix Inc v.Court of Appeals for the First Circuit · 2020
108 more not listed; retrieve them via the Exa API.