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Horizon Asset Management Inc. v. H&R Block, Inc.

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Submitted: October 16, 2008

Before RILEY, BOWMAN, and COLLOTON, Circuit Judges.

This case involves two appeals arising from the dismissal of a putative consolidated class action against H&R Block, Inc. (“Block”), and individual defendants who are corporate officers or directors of Block. First, Horizon Asset Management Inc. (“Horizon”) appeals the merits of the dismissal, arguing that the district court erred in concluding that Horizon failed adequately to plead scienter under the heightened pleading requirements of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). Second, Momentum Partners and Iron Workers Local 16 Pension Fund (“Iron Workers”) appeal the district court’s appointment of Horizon as the sole lead plaintiff to pursue all claims against the defendants. Iron Workers contends that the district court’s ruling prevented them from litigating the merits of their derivative claims against the individual defendants, because Horizon refused to include the derivative claims in its consolidated complaint, and the district court subsequently dismissed the complaint and the entire case. We affirm in part, reverse in part, and remand for further proceedings.

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