The timing of the settlement, as LaCroix notes, raises obvious questions about how Dell thought the Fifth Circuit would rule–and based on what the shareholders’ lawyers told us about oral arguments, Dell had good reason to worry the case would be revived.
In October 2008, Austin federal district court judge Sam Sparks tossed the shareholders’ case with prejudice, finding that the plaintiffs’ consolidated complaint–despite being 304 pages!– fell short in establishing scienter and loss causation. The plaintiffs appealed. Oral arguments took place in New Orleans on Sep. 1, with Gregory Coleman of Yetter Warden arguing for Dell and Gregg Levin of Motley Rice and Geoffrey Jarvis of Grant & Eisenhofer arguing for the shareholders.
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