The following excerpt is from First Fin. Sec., Inc. v. Freedom Equity Grp., LLC, CASE NO. 14-CV-1521-BEN (BGS) (S.D. Cal. 2014):
A Rule 12(b)(6) dismissal may be based on either a "'lack of a cognizable legal theory' or 'the absence of sufficient facts alleged under a cognizable legal theory.'" Johnson v. Riverside Healthcare Sys., LP, 534 F.3d 1116, 1121-22 (9th Cir. 2008) (quoting Balistreri v. Pacifica Police Dep't 901 F.2d 696, 699 (9th Cir. 1990)). Under this standard, dismissal is appropriate if the complaint fails to state enough facts to raise a reasonable expectation that discovery will reveal evidence of the matter
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