Ninth Circuit Affirms Dismissal of Insider Trading Claims Against Satellite Operator Investors Based on Stock Sales After FCC Chairman Vote – In re Silver Lake Grp., LLC Sec. Litig. (9th Cir. July 24, 2024) What to know: The Ninth Circuit affirmed the dismissal of insider trading claims against several large investors in a satellite operator, holding that the plaintiffs failed to sufficiently allege that any defendant investor sold stock with knowledge of the company’s meeting with the FCC that preceded the commission’s decision to publicly auction the company’s spectrum broadcasting license.
Source: Inside the Courts – An Update From Skadden Securities Litigators – October 2024