Great post by Jeffrey Lang Boyd on Seeking Alpha. Provides links to the shareholder lawsuit documents. It is stunning to see that these lawsuits are based on Bloomberg and Copperfield revealing new information about fraud that is grounds for "loss causation"...it is unreal and sad that our legal system can get tied up reviewing the analytical work of nameless analysts who do not understand basic accounting.
Thanks for the pointer. I've seen some "investigations" by law firms publicized here that seem to be on equally flimsy legs. They might as well just state "we're going to sue because the stock price went down and we don't really care why".
It's surprising that this got all the way up to the 11th circuit; lower courts in that area must have very wide interpretations of what are allowable grounds for loss causation.