Cbiz
Facciola Ex Rel. Mortgages Ltd. Investor Class v. Greenberg Traurig LLP
Opinion
Opinion
MEMORANDUM
Plaintiffs-Appellants appeal the dismissal of their putative Arizona securities and negligent misrepresentation class action against Mayer Hoffman McCann P.C. (Mayer Hoffman) and its affiliated corporations, CBIZ, Inc. and CBIZ MHM, LLC (collectively CBIZ). We have jurisdiction under 28 U.S.C. § 1291 , and we affirm.
With respect to the Arizona Securities Act claim, no reasonable inference may be drawn from the amended allegations that Mayer Hoffman acted outside the ordinary course of its profession when issuing the contested audit reports or that it “participated in or induced” Appellants’ investments with Mortgages Ltd. or Radical Bunny, LLC. Ariz.Rev.Stat. § 44-2003(A); Standard Chartered PLC v. Price Waterhouse, 190 Ariz. 6, 21-22 , 945 P.2d 317 (Ct.App.1996).
Because Appellants made the tactical decision to pursue only their Arizona Securities Act claims in their Amended Complaint, the appeal of the dismissal of their other claims against Mayer Hoffman — for violation of the Arizona Investment Management Act (AIMA) and common law negligent misrepresentation — may rely only upon the allegations contained in the Original Complaint. The district court properly…