On August 13, 2018, the Ninth Circuit issued Khoja v. Orexigen Therapeutics, Inc., an important decision regarding the manner in which courts may—and may not—consider documents outside the four corners of a complaint when deciding a motion to dismiss in a securities case, either through incorporation by reference or judicial notice.
The decision describes the circumstances in which defendants can rely on documents that are not attached to the complaint as exhibits in a motion to dismiss in the Ninth Circuit—historically one of the most significant jurisdictions for federal securities filings.