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BERSON v. APPLIED SIGNAL TECHNOLOGY, INC.

No. 06-15454.

527 F.3d 982 (2008)

Brent BERSON, individually and on behalf of all others similarly situated, Plaintiff, and Frank Whiting, Plaintiff-Appellant, v. APPLIED SIGNAL TECHNOLOGY, INC.; Gary Yancey; James Doyle, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Filed June 5, 2008.

Attorney(s) appearing for the Case

Mark Kindall, Andrew M. Schatz and Jeffrey S. Nobel, Schatz & Nobel, P.C., Hartford, CT; Alan R. Plutzik, Kathryn Scholfield, Bramson, Plutzik, Mahler & Birkhaeuser, LLP, Walnut Creek, CA, for the plaintiff-appellant.

David Priebe, DLA Piper Rudnick Gray Cary U.S. LLP, East Palo Alto, CA; Shirli Fabbri Weiss, DLA Piper Rudnick Gray Cary U.S. LLP, San Diego, CA; and Kathryn E. Karcher, DLA Piper Rudnick Gray Cary U.S. LLP, Seattle, WA, for the defendants-appellees.

Before: ALEX KOZINSKI, Chief Judge, ROBERT E. COWEN, and HAWKINS, Circuit Judges.

KOZINSKI, Chief Judge:

We consider whether plaintiffs adequately pled a claim of securities fraud — something that is much harder now than in days gone by.

Facts

Plaintiffs bought stock in Applied Signal Technology, Inc., during the six months before the company revealed that its revenue had fallen 25% from the preceding quarter. Immediately following this disclosure, the stock price dropped 16%. Plaintiffs sued the company and two of its...

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