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portfolios after a federal appellation court reversed a dismissal of their lawsuit.
Several lawsuits have been filed against Home Depot's former CEO and retirement plan management for the imprudent investment of .
Before CARNES and MARCUS, Circuit Judges, and BUCKLEW,* District Judge. The district court consolidated the cases “for the purposes of discovery and case management only,” Doc. § 78u-4(a)(3)(B)(i) (requiring the district court to appoint as lead plaintiff “the member or members of the purported plaintiff class that the court determines to be most capable of adequately representing the interests of class members”). Rather than answer Bucks County's lengthy pleading, all of the defendants moved to dismiss the amended complaint, arguing, among other things, that it failed to create a “strong inference” that they acted with the requisite scienter. Section 10(b) makes it unlawful touse or employ, in connection with the purchase or sale of any security registered on a national securities exchange ․, any manipulative or deceptive device or contrivance in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors.15 U. Second, a company can fraudulently claim an item is defective and receive an RTV chargeback under a destroy-in-field provision, and then sell the product to a customer.
In short order, four more individual investors filed essentially identical complaints. Moreover, because denial of leave to amend based on futility is a legal conclusion, we review the denial de novo as well. Bucks County's primary claim is that Home Depot and the six individual defendants violated § 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder by making material misrepresentations or omissions in press releases and in the company's financial statements. The amended complaint says that “[t]he proper accounting treatment for shrink is to write-down the missing product to zero, which cuts directly into a company's earnings and operating margin[.]” Id. A company may fraudulently reduce shrink by classifying missing inventory as defective and receiving an RTV chargeback for that amount under a destroy-in-field provision.
"The board loved him and hates the way this ended up," says a person familiar with the matter.
Wall Street will be his first port of call when he presents third-quarter results on Friday.
One key question was whether such a complaint against the duty of the plan's administrators to act in the best interest of the fund holders states a claim for benefits.
According to The Circuit Court, participant payments under a benefits plan were not affected by the value of the plan's assets, unlike those under a contribution plan, where a participant is entitled to the value of the assets in their account.
Nardelli agreed to give up a guarantee that he would continue to receive a minimum million bonus each year. When board members asked him to more closely tie his future stock awards to shareholder gains, he refused, according to people familiar with the matter.
Nardelli has complained for years that share price is the one measure of company performance that he can't control.
Investors are seeking reassurance that a suddenly chastened Wells Fargo can rebuild its reputation and retain profits while overhauling the hard-charging sales culture at the heart of the scandal over unauthorized accounts.