United States First Circuit

In a shareholders class action against a company and two of its high-ranking officers, alleging that the company issued false or misleading public statements about the demand for its products in violation of the Securities Exchange Act of 1934 and related regulations, the district court's grant of summary judgment to the company is affirmed, where there was no evidence of subjective bad intent and, at best, a thin and debatable case as to misstatements or omissions, and thus claims under Section 10(b) and Rule 10b-5 could not succeed for lack of scienter.

Appellate Information

• Decided 02/17/2012
• Published 02/17/2012

Judges

• Boudin

Court

• United States First Circuit

Counsel

• For Appellant:
  
• Bryan A. Wood, John A. Sten