United States Third Circuit

In plaintiff shareholders' securities fraud class action suit against Aetna, Inc., claiming that defendants misled investors about Aetna's pricing of insurance policies and then sold shares of Aetna's stock before the fraudulent scheme was revealed to the public, district court's order dismissing the suit under the Private Securities Litigation Reform Act (PSLRA), 15 U.S.C. section 78u-5(c)(1), which contains a safe harbor for forward-looking statements, is affirmed as the PSLRA safe harbor for forward-looking statements immunizes defendants from liability for securities fraud as the allegedly misleading statements were forward looking, identified as such, accompanied by adequate cautionary statements, and immaterial as a matter of law.

Appellate Information

• Argued 02/11/2010
• Decided 08/11/2010
• Published 08/11/2010

Judges

• ROTH

Court

• United States Third Circuit

Counsel

• For Appellant:
  
• Michael K. Yarnoff, Michael P. Carroll