Loran Group v. Peregrine Systems, Inc.

MEMORANDUM **

Proceeding under §§ 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t(a), Plaintiff-Appellant, the Loran Group (“Loran”), seeks to hold seventeen individuals and four entities liable for securities fraud carried out by Peregrine Systems, Inc. (“Peregrine”). 1 It appeals two orders of the district court dismissing, with prejudice, its claims against 11 of the 21 defendants. Because the facts are known to the parties, we need not repeat them here.

We previously withdrew submission of the appeal pending the Supreme Court’s decision in Stoneridge Inv. Partners, LLC v. Scientific-Atlanta, Inc., 552 U.S. -, 128 S.Ct. 761 , 169 L.Ed.2d 627 (2008). We then deferred resubmission to allow Loran and some of the defendants-appellees to pursue settlement negotiations. On January 8, 2009, we remanded the matter to the district court as to Defendants-Appellees John J. Moores, Charles E. Noell III, Christopher A. Cole, Norris van den Berg, Richard A. Hosley II, Rodney F. Dam-meyer, Richard T. Nelson and Frederic B. Luddy, to allow those parties and Loran to seek approval of their settlement pursuant to Fed.R.Civ.P. 23(c); we resubmitted the appeal…