In Re: Barclays Bank PLC Security, No. 11-2665 (2d Cir. 2013)
Annotate this CaseLead Plaintiffs filed suit under sections 11, 12(a)(2), and 15 of the Securities Act of 1933, 15 U.S.C. 77k(a), 77(a)(2), and 77o, alleging that defendants made material misstatements and omissions in the offering of materials associated with the sales of Callable Dollar Preference Shares of Barclays. The district court dismissed the claims with prejudice because the claims were either time-barred, inadequately pled or without an adequate lead plaintiff. After the district court's decision, this court decided Fait v. Regions Fin. Corp., which held, inter alia, that defendants could be liable under section 11 and 12(a)(2) for misstatements of belief and opinion. The court concluded that Lead Plaintiffs' proposed amendments satisfactorily incorporated the clarification in the applicable law that occurred after the district court's decision and also addressed the other concerns identified by the district court. Accordingly, the court remanded to give Lead Plaintiffs the opportunity, with respect to the Series 5 Offering, to proceed with the claims in the Proposed Complaint and with a new-Lead Plaintiff. The court affirmed the dismissal of Series 2, 3, and 4 Offering claims as time-barred.
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