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MASSACHUSETTS RETIREMENT SYSTEMS v. CVS CAREMARK

No. 12-1900.

716 F.3d 229 (2013)

MASSACHUSETTS RETIREMENT SYSTEMS, Lead Plaintiff, City of Brockton Retirement System; Plymouth County Retirement System; Norfolk County Retirement System, Plaintiffs, Appellants, Richard Medoff, individually and on behalf of all others similarly situated, Plaintiff, v. CVS CAREMARK CORPORATION; Thomas M. Ryan; David Rickard; Howard McLure, Defendants, Appellees.

United States Court of Appeals, First Circuit.

May 24, 2013.

Attorney(s) appearing for the Case

Douglas Wilens , with whom Robbins Geller Rudman & Dowd LLP, Joseph A. Fonti , Serena Hallowell , and Labaton Sucharow LLP were on brief, for appellants.

Lawrence Portnoy , with whom Edmund Polubinski III , Jessica K. Foschi , Jason M. Spitalnick , Davis Polk & Wardwell LLP, Willliam R. Grimm , and Hinkley, Allen & Snyder LLP were on brief, for appellees.

Before HOWARD, Circuit Judge, SOUTER, Associate Justice and TORRESEN, District Judge.

HOWARD, Circuit Judge.

This is an appeal from the dismissal of a putative class action for securities fraud against CVS Caremark Corporation and certain of its current and former employees. For the reasons below, we vacate the dismissal and remand the case for further proceedings.

I. Background

Because this appeal involves a dismissal for failure to state a claim, Fed.R.Civ.P. 12(b)(6), we recount the relevant...

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