Susan M. Greenwood | Bloomberg Law Findwhat Investor Group v. Findwhat.com, No. 10-10107, 2011 BL 250754 (11th Cir. Sept. 30, 2011) The U.S. Court of Appeals for the Eleventh Circuit affirmed in part, vacated in part, and remanded for further proceedings a securities fraud class action against MIVA, Inc. (MIVA), former Chairman and CEO Craig Pisaris-Henderson, former President and COO Philip Thune, and former CFO Brenda Agius (collectively, Defendants). In discussing loss causation under Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder, the Eleventh Circuit held that "a defendant may be liable for fraudulent statements intentionally made that have the purpose and effect of propping up an already inflated stock price in an efficient market."
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