United States First Circuit
Massachusetts Retirement Systems v. CVS Caremark Corporation, 12-1900
Dismissal of a putative class action for securities fraud against defendant and certain of its current and former employees, is vacated and remanded, where: 1) plaintiffs' allegations indicate that the drop in defendant's share price was causally related to its misstatements regarding the integration of CVS and Caremark, and these allegations are sufficiently plausible to foreclose dismissal; 2) the new information revealed in the subject earnings call regarding the reason for the contract losses could plausibly have caused the plaintiffs' losses; and 3) the analyst reports should have been considered in deciding the motion to dismiss.
Appellate Information
- Decided 05/24/2013
- Published 05/24/2013
Judges
- HOWARD
Court
- United States First Circuit