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TABLE OF CONTENTS

General Overview

2

The Parties

3

1.

Plaintiff

3

2.

The Whitney Defendants

4

3.

Auditor Defendant

8

The Press Releases and Plaintiff’s Theories of Fraud

9

1

2

  • I.

    Introduction

  • II.

    Background

A. B.

C.

  • III.

    Pleading Standards

    • A.

      General - Rule 12(b)(6)

    • B.

      Specific - Rule 9 and the PSLRA

  • IV.

    Securities Laws

    • A.

      General Elements

    • B.

      Scienter and Causation

11

11 13

14 14 15

The Whitney Defendants’ Motion

17

1.

The Deferred Revenues Theory

17

2.

The Chargebacks Theory

25

3.

The Business Model Theory

27

4.

The Individual Defendants and Scienter

31

5.

Post Class Period Developments and Scienter

35

6.

Loss Causation

35

17

41

43

V.

Analysis

A.

B.

The Auditor Defendants Motion

VI.

In Sum

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