When its first stock drop complaint against Oracle Corp. was thrown out, Lerach Coughlin Stoia Geller Rudman & Robbins went hunting for evidence against the software giant.
The second complaint was also tossed, but the plaintiffs may have struck pay dirt anyway.
On Wednesday, the 9th U.S. Circuit Court of Appeals reinstated it, concluding that allegedly false statements made by Oracle CEO Lawrence Ellison, his well-timed sale of $900 million worth of company stock, and Oracle's improper accounting provided a basis for the securities complaint.
Details here from The Recorder via Law.com. (Or read the 9th Circuit's opinion for yourself.)