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06-35838 - Diaz v. Davis, et al

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06-35838 - Diaz v. Davis, et al
December 11, 2008
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FILED OPINION (THOMAS G. NELSON, MICHAEL DALY HAWKINS and JAY S. BYBEE) Accordingly, we hold that there is no private right of action under section 304 of the Sarbanes-Oxley Act and that Digimarc???s managers and directors were antagonistic to Diaz???s derivative suit at the time of filing for the purposes of establishing diversity jurisdiction. We remand to the district court for proceedings consistent with this decision. AFFIRMED in part, REVERSED in part, and REMANDED. The parties are to bear their own costs on appeal. Judge: TGN , Judge: MDH , Judge: JSB Authoring. FILED AND ENTERED JUDGMENT.