False Confidential Witness Information Warrants Reconsideration and Dismissal in Securities Class Action

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The U.S. District Court for the Northern District of Illinois granted a motion for reconsideration pursuant to Rule 54(b) of the Federal Rules of Civil Procedure on the ground that the court's previous order denying a dismissal motion relied on false information concerning a confidential witness's position and personal knowledge.

Stockholder plaintiffs asserting Securities Exchange Act claims alleged that The Boeing Company made misrepresentations about the testing and delivery schedule for the 787 Dreamliner commercial aircraft. Plaintiffs' complaint relied on allegations by a confidential witness who was alleged to be a Boeing employee with personal knowledge that adverse test results were circulated to senior Boeing executives.

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Published In: Civil Procedure Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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