(6th COA, filed February 16, 2024): Arguing that the district court’s erroneous expansion of affiliated ute undermines the reliance requirements. The affiliated ute presumption applies only to claims based on omissions, not misstatements of half-truths. The district court abdicated its responsibility under Comcast to conduct a rigorous analysis of plaintiffs’ damages model. Left uncorrected, the district court’s decision will expand securities fraud class actions and impose significant costs on American businesses.
