United States Third Circuit
City of Edinburgh Council v. Pfizer, Inc., 13-2314
Dismissal of a private securities fraud class action under the Private Securities Litigation Reform Act of 1995 (PSLRA), in which plaintiff-institutional investors allege that defendant and its executives made materially false and misleading statements in violation of the Securities Exchange Act of 1934 (Exchange Act) regarding interim clinical trial data related to the development of an experimental Alzheimer's drug, is affirmed, where: 1) the district court correctly concluded that plaintiffs have not adequately alleged that defendants made a material misrepresentation or omission; 2) the district court correctly concluded that defendants were under no duty to disclose the allegedly omitted information; and 3) the district court correctly dismissed the control person liability and insider trading claims for failure to adequately plead a predicate Exchange Act violation.
Appellate Information
- Decided 06/06/2014
- Published 06/06/2014
Judges
- SCIRICA
Court
- United States Third Circuit