United States Third Circuit

In securities class litigation involving a stock purchase agreement between a company that provides case-ready meat to customers and a company that produces, processes, and markets a variety of meat products, dismissal of the action is affirmed as plaintiffs failed to properly plead false and misleading statements and material omissions on the company's earnings potential and stock value, for purposes of the Private Securities Litigation Reform Act (PSLRA).

Appellate Information

• Argued 11/09/2006
• Decided 09/24/2007
• Published 09/24/2007

Judges

• Before:  SCIRICA, Chief Judge, McKEE and STAPLETON, Circuit Judges.

Court

• United States Third Circuit

Counsel

• For Appellant:
  
• Kimberly M. Donaldson, Esquire, (Argued), Steven A. Schwartz, Esquire, Chimicles & Tikellis LLP, Haverford, PA, Avi N. Wagner, Esquire, Glancy, Binkow & Goldberg LLP, Los Angeles, CA, Attorneys for Appellant.


• For Appellees:
  
• Ronald J. Mann, Esquire, (Argued), Austin, TX, Maurice R. Mitts, Esquire, Mitts Milavec, Eric F. Spade, Esquire, Philadelphia, PA, Attorneys for Appellees, Michael Queen, Thomas McGreal, Pennexx Foods, Inc., Terence J. Rasmussen, Esquire, (Argued), Edward J. Fuhr, Esquire, Eric H. Feiler, Esquire, Jessica M. Erickson, Esquire, Monica S. Call, Esquire, Hunton & Williams LLP Richmond, VA, Alan K. Cotler, Esquire, Milind M. Shah, Esquire, Reed Smith LLP, Philadelphia, PA, Attorneys for Appellees, Joseph W. Luter, IV, Michael H. Cole, Smithfield Foods, Inc., Showcase Foods, Inc.