Policemen's Annuity and Benefi v. Apollo Group, Inc.

FILED

NOT FOR PUBLICATION JUN 23 2010

MOLLY C. DWYER, CLERK

UNITED STATES COURT OF APPEALS U .S. C O U R T OF APPE ALS

FOR THE NINTH CIRCUIT

In re: APOLLO GROUP, INC. No. 08-16971

SECURITIES LITIGATION,

D.C. No. 2:04-cv-02147-JAT

POLICEMEN’S ANNUITY AND MEMORANDUM *

BENEFIT FUND OF CHICAGO,

Plaintiff - Appellant,

v.

APOLLO GROUP, INC. et al.,

Defendants - Appellees.

Appeal from the United States District Court for the District of Arizona James A. Teilborg, District Judge, Presiding

Argued and Submitted March 3, 2010 Pasadena, California

* This disposition is not appropriate for publication and is not precedent except as provided by 9th Cir. R. 36-3. page

Before: KOZINSKI, Chief Judge, W. FLETCHER, Circuit Judge and GETTLEMAN,** District Judge.

The district court erred in granting Apollo judgment as a matter of law. The

jury could have reasonably found that the UBS reports following various

newspaper articles were “corrective disclosures” providing additional or more

authoritative fraud-related information that deflated the stock price. Cf. In re

Gilead…