Plaintiff’s Inability to Define ‘Cloud’ Software Is Fatal to Securities Fraud Class Action
The Ninth U.S. Circuit Court of Appeals yesterday affirmed the dismissal of a class action complaint alleging that a data software company made materially misleading public statements by falsely claiming, in violation of securities laws, that it possessed an “original cloud native” platform, finding that the failure to provide proof of what the term meant at the time it was used defeated any chance of adequately pleading falsehood.
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