On January 23, 2025, Judge James C. Dever III of the United States District Court for the Eastern District of North Carolina dismissed a putative securities class action against an auto parts retailer (the “Company”) and certain of its former executives alleging violations of Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.  Suarez v. Advanced Auto Parts, Inc. et al., No. 5:23-cv-00563 (E.D.N.C., Jan. 23, 2025). The Court granted defendants’ motion to dismiss on the ground that plaintiff failed to plead facts giving rise to a strong inference of scienter, holding that a reasonable person would find the cogent, non-culpable explanations for the alleged misconduct more compelling.

On July 29, 2024, Judge Trina L. Thompson of the United States District Court for the Northern District of California denied a motion to dismiss a putative securities class action brought by investors against a financial services company (the “Company”) and certain of its officers (the “Individual Defendants” and, collectively “Defendants”) asserting claims under Section 10(b) of the Securities and Exchange Act of 1934 (“Exchange Act”), as well as Rule 10b-5 promulgated thereunder, and Section 20(a) of the Exchange Act.  SEB Inv. Mgmt., AB v. Wells Fargo & Co., Case No. 22-cv-03811-TLT (N.D. Cal. July 29, 2024).