Narrative Summary: New England Carpenters Guaranteed Annuity and Pension Funds v. AmTrust Financial Services, Inc.

The Second Circuit held that the District Court erred in dismissing securities fraud claims by ruling that public misstatements regarding revenue recognition and employee bonuses were non-actionable statements of opinion; the appellate court found these opinions actionable under the specific circumstances alleged. While affirming the dismissal of remaining claims, the court vacated the judgment regarding the actionable opinion claims and remanded the case for further proceedings. Read the full decision narrative and case summary.