United States Ninth Circuit

In plaintiff's suit for securities fraud individually and on behalf of all other persons who purchased or otherwise acquired a pharmaceutical company's common stock pursuant to sections 10(b) and 20(a) of the Securities Exchange Act, the district court's grant of defendants' motion to dismiss the complaint is affirmed where: 1) the district court properly dismissed the section 10(b) and Rule 10b-5 claim on the grounds that the complaint failed to sufficiently allege a false or misleading statement or omission and failed to sufficiently allege scienter; 2) plaintiff failed to meet Rule 9(b)'s pleading requirements with respect to pleading a false or misleading statement for the section 11 claim; and 3) plaintiff failed to adequately plead violations of sections 20(a) and15.

Appellate Information

• Decided 09/06/2012
• Published 09/06/2012

Judges

• Hug

Court

• United States Ninth Circuit

Counsel