The Am Law Litigation Daily Features S&C’s Win for Boeing in Securities Class ActionMarch 9, 2011
The March 9 edition of The Am Law Litigation Daily featured as its top story S&C’s win for client The Boeing Company in a securities class action in the United States District Court for the Northern District of Illinois. After originally sustaining the complaint solely on the basis of four paragraphs that were attributed to a single confidential source, Judge Suzanne Conlon granted Boeing’s motion for reconsideration and dismissed with prejudice a complaint brought by a putative class of Boeing shareholders. S&C moved for reconsideration after the confidential source at deposition repudiated every material allegation attributed to him in the complaint, even testifying that he had never before spoken to plaintiffs’ counsel but only to an investigator for plaintiffs who had tried to pressure him to make allegations that would support plaintiffs’ theory of the case. In a March 7, 2011 opinion that was critical of plaintiffs’ lawyers for misleading the court and for failing to conduct an adequate investigation, the court dismissed the complaint with prejudice.