United States Third Circuit

Because plaintiffs failed to allege facts giving rise to a strong inference that defendants acted with scienter in regard to their statements and/or silence concerning upcoming, major business deals, their claim under section 14(e) of the 1934 Securities and Exchange Act was properly dismissed. Their Best Price Rule claim depends on the same implausible theory of fraud, thus it too was properly dismissed.

Appellate Information

• Argued 11/04/2003
• Decided 02/06/2004
• Published 02/06/2004

Judges

• Before McKEE, SMITH, and WEIS, Circuit Judges.

Court

• United States Third Circuit

Counsel

• For Appellant:
  
• Jeffrey G. Smith,Robert Abrams [Argued], Wolf, Haldenstein, Adler, Freeman & Herz, New York, Pamela S. Tikellis, Chimicles & Tikellis, Wilmington, for Appellants.


• For Appellees:
  
• Jerrold J. Ganzfried [Argued], Mark D. Wegener, Howrey, Simon, Arnold & White, Washington, Philip A. Rovner, Potter, Anderson & Corroon, Wilmington, for Appellees.