California Appellate Tracker

Mineworkers Pension Scheme v. First Solar Inc.

February 9, 2018

The standard for loss causation under the Securities Exchange Act and Rule 10b-5 is the traditional tort standard of proximate causation.

To prove loss causation, the ultimate issue is whether the defendant’s misstatement, as opposed to some other fact, foreseeably caused the plaintiff’s loss. Causation can be shown by proof of a drop in stock price after eventual revelation of the truth. But that is only one permissible means of establishing probable cause; it is not the sole or required means of doing so. Accord: Lloyd v. CVB Fin. Corp. (9th Cir. 2016) 811 F.3d 1200, 1210.

Ninth Circuit Court of Appeal (per curiam); January 31, 2018; 2018 WL 626948.

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Mineworkers Pension Scheme v. First Solar Inc.

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