On July 13, 2020, a three-judge panel for the Second Circuit Court of Appeals vacated in part the dismissal order of Hon. William H. Pauley III, reviving investors’ Exchange Act claims against NewLink Genetics Corp. The detailed 26-page opinion written by Hon. John M. Walker, Jr., and designated for publication, holds that “Plaintiffs plausibly pled material misrepresentation and loss causation for Defendants’ statements about the scientific literature and the design of their clinical trial,” contrary to the holding of the district court. Abramson v. NewLink Genetics Corp., 2020 U.S. App. LEXIS 21545, at *3 (2d Cir. July 13, 2020). Notably, the Second Circuit credited KSF’s loss causation theory as “persuasive” and “compelling,” and provided significant development on this element of securities fraud cases going forward. Id. at *28.