Ninth Circuit -- NATIONAL ELEVATOR INDUSTRY PEN V. VERIFONE HOLDINGS, INC.

When assessing scienter for purposes of PSLRA, courts can use holistic approach, piecemeal approach, or both.

Despite the facts that individual instances were explainable, viewed holistically, the inference of deliberate recklessness was at least as compelling as any other, and therefore the claim was sufficiently pleaded.

Charging a controlling person under 20(A) means that you have to establish scienter at pleading for the controlled persons violation of 10(b).

NATIONAL ELEVATOR INDUSTRY PEN V. VERIFONE HOLDINGS, INC.