Ninth Circuit Affirms Dismissal of Securities Class Action Against Aruba Networks
On March 7, 2017, the U.S. Court of Appeals for the Ninth affirmed the dismissal of a securities class action filed against WSGR clients Aruba Networks and three of its executives. The case arose from Aruba's previous announcement that it had missed its quarterly revenue guidance due to a number of factors, including competition from its largest competitor. The case was dismissed with prejudice by the U.S. District Court for the Northern District of California for failing to meet the pleading standards of the Securities Litigation Reform Act of 1995. The Ninth Circuit affirmed the dismissal.
For more information, please refer to the Ninth Circuit's opinion.