In re: Level 3 Communication

Lead Plaintiff William Poppo filed a class action complaint on behalf of all persons who purchased Level 3 securities between October 2006 and October 2007. Plaintiff brought suit under the under Section 10(b) of the Securities Exchange Act of 1934 and under state securities law. Plaintiff also asserted claims against individual defendants as "control persons" pursuant to Section 20(a) of the Act. The district court dismissed the complaint with prejudice pursuant to Federal Rule of Civil Procedure 12(b)(6), and Plaintiff appealed. "The fundamental weakness in plaintiff’s complaint is that he [gave the Tenth Circuit] a great volume of puzzle pieces that, despite [the Court's] best efforts, [the Court could not] fit together." The Tenth Circuit affirmed the dismissal of Plaintiff's complaint. View "In re: Level 3 Communication" on Justia Law