In a securities fraud class action alleging options backdating, the dismissal of the complaint is affirmed where: 1) plaintiffs failed to plead any facts that indicated that any individual defendant knew about the alleged accounting irregularities during the class period; 2) there was no way to determine from the complaint that the sales of large numbers of shares was suspicious enough to add to an inference of scienter; and 3) plaintiffs’ allegation that defendants knew certain forward-looking statements were false did not convert those statements, mitigated by adequate warnings of risks, into actionable frauds.
Read Edward J. Goodman Life Income Trust v. Jabil Circuit, Inc., 09-10954
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Filed January 19, 2010
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