United States Eleventh Circuit

In a securities fraud class action alleging options backdating, the dismissal of the complaint is affirmed where: 1) plaintiffs failed to plead any facts that indicated that any individual defendant knew about the alleged accounting irregularities during the class period; 2) there was no way to determine from the complaint that the sales of large numbers of shares was suspicious enough to add to an inference of scienter; and 3) plaintiffs' allegation that defendants knew certain forward-looking statements were false did not convert those statements, mitigated by adequate warnings of risks, into actionable frauds.

Appellate Information

• Decided 01/19/2010
• Published 01/19/2010

Judges

• DUBINA, Chief Judge:, Before DUBINA, Chief Judge, BIRCH and BLACK, Circuit Judges.

Court

• United States Eleventh Circuit

Counsel