United States Ninth Circuit
Police Retirement System of St. Louis v. Intuitive Surgical, 12-16430
Dismissal of a securities fraud action brought by plaintiff-pension fund under sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Securities and Exchange Rule 10b-5 is affirmed, where: 1) defendant-company's statements were, in large part, non-actionable forward-looking statements or garden variety corporate optimism; 2) the complaint is deficient in suggesting that the executives made false statements with knowing or reckless disregard for defendant-company's economic circumstances; and 3) the complaint does not meet the heightened pleading requirements under Federal Rule of Civil Procedure 9(b) and the Private Securities Litigation Reform Act of 1995.
Appellate Information
- Decided 07/16/2014
- Published 07/16/2014
Judges
- McKEOWN
Court
- United States Ninth Circuit