"Everywhere You Want to Be" Except Federal Court

The recent dismissal by a California federal court of a securities class action against Visa and several of its directors and officers highlights how disclosure of government investigations can be used to defeat subsequent securities fraud claims at the pleading stage. The decision also shows how a rapid recovery from a price decline following bad news can be used to refute allegations of loss causation, a critical element of a securities claim. In addition, the decision demonstrates the... By: Holland & Knight LLP