United States First Circuit

In this securities fraud case, the district court dismissed the complaint on the ground that plaintiffs had not pleaded facts giving rise to a “cogent and compelling” inference of scienter. The judgment of dismissal is affirmed, where: 1) the district court correctly held that the pleadings are insufficient to establish the requisite inference of scienter; and 2) even assuming that plaintiffs plausibly alleged that defendants made false or misleading statements which had a material effect on defendant Abiomed’s stock price, plaintiffs have not sufficiently alleged alleged that defendants made those statements with the “conscious intent to defraud” or with “a high degree of recklessness.”

Appellate Information

• Decided 02/06/2015
• Published 02/06/2015

Judges

• Lynch

Court

• United States First Circuit

Counsel