Opinion ID: 222037
Heading Depth: 3
Heading Rank: 3

Heading: Kentucky Securities-Law Claim

Text: Ashland next alleges that Oppenheimer violated Kentucky's Blue Sky Laws, specifically Ky.Rev.Stat. Ann. §§ 292.320, 292.480, which mirror 17 C.F.R. § 240.10b-5 and 15 U.S.C. § 77 l (a), respectively. See Booth v. Verity, Inc., 124 F.Supp.2d 452, 459-63 (W.D.Ky.2000). Although a private party pleading a violation of Section 292.320 may recover only under Section 292.480, he may also plead a separate cause of action under Section 292.480 directly. See, e.g., Republic Bank & Trust Co. v. Bear, Stearns & Co., 707 F.Supp.2d 702, 714-16 (W.D.Ky.2010). Whereas Ashland cites both provisions in its complaint, its appellate filings mentionand fleetingly at thatonly Section 10(b) claims. We interpret this opaque language to reference only its Section 292.320 claim, thus forfeiting any independent cause of action under Section 292.480. See United States v. Sandridge, 385 F.3d 1032, 1035 (6th Cir.2004) (Issues adverted to in a perfunctory manner, unaccompanied by some effort at developed argumentation, are deemed waived.). As the district court noted, Section 292.320 is virtually identical to its federal counterpart. Ashland Inc. v. Oppenheimer & Co., 689 F.Supp.2d at 889; see also Brown v. Earthboard Sports USA, Inc., 481 F.3d 901, 916-17 nn. 10-11 (6th Cir.2007) (comparing statutory language). Under this provision, a plaintiff must consequently allege the same elements as under Rule 10b-5, Republic Bank & Trust Co., 707 F.Supp.2d at 714, again subject to the PSLRA's heightened pleading standards, Booth, 124 F.Supp.2d at 459-61. As such, our prior Rule 10b-5 analysis applies equally to Ashland's Section 292.320 claim, and we affirm the district court's dismissal.