Miyahira, et al. v. Vitacost.com, Inc., et al.

Appellants, purchasers of stock, alleged that appellees made material misstatements and omissions in an IPO Registration Statement and prospectus for a September 2009 public offering of the stock in violation of sections 11, 12(a)(2), and 15 of the Securities Act of 1933, 15 U.S.C. 78a et seq. Because appellants failed to plausibly allege a material misstatement or omission in the prospectus, each of their claims failed. Accordingly, the court affirmed the district court's grant of appellees' motion to dismiss for failure to state a claim under the Act. View "Miyahira, et al. v. Vitacost.com, Inc., et al." on Justia Law