Kirby McInerney LLP Obtains Appellate Reversal in Class Action Lawsuit Against Janus Capital Group, Inc.

Kirby McInerney LLP Obtains Appellate Reversal in Class Action Lawsuit Against Janus Capital Group, Inc. - 5/11/2009

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

DISMISSAL (LAW FIRM PR) NEWS:

Kirby McInerney LLP Obtains Appellate Reversal in Class Action Lawsuit Against Janus Capital Group, Inc.
Staff Writer

GlobeNewswire, Inc.. May 11, 2009
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EXCERPT: The law firm of Kirby McInerney LLP announced today that on May 7, 2009, the United States Court of Appeals for the Fourth Circuit, in a landmark ruling, reversed in substantial part a prior ruling of the United States District Court for the District of Maryland dismissing Wiggins v. Janus Capital Group. The suit is a securities fraud class action on behalf of a proposed class of purchasers of the common stock of Janus Capital Group, Inc. (NYSE:JNS) during the period July 21, 2000 through September 2, 2003 (the "Class Period") who still held their shares on September 3, 2003. The suit pleads claims for securities fraud in violation of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") against Janus Capital Group, Inc. and its subsidiary, Janus Capital Management, LLC. The Court of Appeals ruled that plaintiffs' claim against Janus Capital Management for violation of section 10(b) of the Exchange Act had been properly pled pursuant to the Federal Rules of Civil Procedure and the Private Securities Litigation Reform Act of 1995. The Court also ruled that plaintiff had sufficiently pled a claim against Janus Capital Group for liability as a "control person" of Janus Capital Management, in violation of section 20(a) of the Exchange Act. The Court of Appeals remanded the matter to the District Court for further proceedings. The lawsuit alleges that, throughout the class period, Janus Capital Group's stock had been artificially inflated because of false and/or misleading statements concerning defendants' policies towards short-term "market timing" trades in the mutual funds that Janus Capital Management ran. In September 2003, an investigation and proceeding commenced by the New York Attorney General's Office charged that, contrary to public representations, officers of Janus Capital Group and Janus Capital Management had secretly allowed "market timing" trades in certain mutual funds run by Janus Capital Management.

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