Securities lawsuits premised on short-seller reports come up short [Reuters]
Ziff Davis, Inc. (ZD)
Company Research
Source: Reuters
Plaintiffs who rely on short-seller reports to allege securities fraud are facing a skeptical reception by the 9th U.S. Circuit Court of Appeals. For the fourth time in the last four years, the 9th Circuit has rejected a securities fraud complaint that attempts to satisfy the loss causation pleading requirement by citing reports published by short sellers of a company's stock that purport to reveal negative facts about the company. The 9th Circuit's recent decision in Espy v. J2 Global, Inc. makes clear that allegations based on short-seller reports fail to state a claim if the reports do not "relate back" to alleged false or misleading statements — and therefore reveal the statements' falsity — or if they are based entirely on already-public information that requires no expert analysis to understand. In J2 Global, the plaintiff, a shareholder of international information services company J2 Global, Inc. brought claims under Section 10(b) of the Securities Exchange Act. The plai
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ZD
News
- Ziff Davis, Inc. (NASDAQ: ZD) had its price target lowered by analysts at Citigroup Inc. from $74.00 to $62.00. They now have a "neutral" rating on the stock.MarketBeat
- Ziff Davis, Inc. (NASDAQ: ZD) had its price target lowered by analysts at Barclays PLC from $68.00 to $58.00. They now have an "equal weight" rating on the stock.MarketBeat
- Ziff Davis, Inc. (NASDAQ: ZD) had its price target lowered by analysts at Wedbush from $78.00 to $70.00. They now have an "outperform" rating on the stock.MarketBeat
- Ziff Davis Reports First Quarter 2024 Financial Results and Reaffirms 2024 GuidanceBusiness Wire
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ZD
Earnings
- 5/8/24 - Beat
ZD
Sec Filings
- 5/16/24 - Form 8-K
- 5/13/24 - Form 8-K
- 5/9/24 - Form 10-Q
- ZD's page on the SEC website