Katyle v. Penn National Gaming, Inc.
Court of Appeals for the Fourth Circuit
1Opinion of the Court
Affirmed by published opinion. Senior Judge BALDOCK wrote the opinion, in which Judge KEENAN joined. Judge WYNN wrote a separate opinion concurring in the judgment.
OPINION
BALDOCK, Senior Circuit Judge:
The Private Securities Litigation Reform Act of 1995 (PSLRA) states that a private plaintiff claiming an implied right of action for securities fraud under § 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), must prove, among other things, “loss causation,” ie., that the defendant’s material misrepresentation or omission “caused the loss for which the plaintiff seeks to recover…
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