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INDIANA STATE DIST. COUNCIL OF LABORER v. OMNICARE

No. 07-6379.

583 F.3d 935 (2009)

INDIANA STATE DISTRICT COUNCIL OF LABORERS AND HOD CARRIERS PENSION AND WELFARE FUND, On Behalf of Itself and All Others Similarly Situated, et al., Plaintiffs-Appellants, Alaska Electrical Pension Fund, On Behalf of Itself and All Others Similarly Situated, Intervenor-Appellant, v. OMNICARE, INC.; Joel F. Gemunder; David W. Froesel, Jr.; Cheryl D. Hodges; Edward L. Hutton; and Sandra E. Laney, Defendants-Appellees.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: October 21, 2009.

Attorney(s) appearing for the Case

ARGUED: Eric Alan Isaacson, Coughlin Stoia Geller Rudman & Robbins LLP, San Francisco, California, for Appellants. Harvey Kurzweil, Dewey & LeBoeuf LLP, New York, New York, for Appellees. ON BRIEF: Eric Alan Isaacson, Henry Rosen, Jennifer L. Gmitro, Shirley H. Huang, Coughlin Stoia Geller Rudman & Robbins LLP, San Francisco, California, Kevin L. Murphy, Graydon Head & Ritchey, LLP, Fort Mitchell, Kentucky, for Appellants. Harvey Kurzweil, William T. Conway III, Richard W. Reinthaler, James P. Smith III, Dewey & LeBoeuf LLP, New York, New York, John E. Schreiber, Dewey & LeBoeuf LLP, Los Angeles, California, Douglas R. Dennis, Stephen M. Gracey, Frost Brown Todd LLC, Cincinnati, Ohio, William T. Robinson III, Frost Brown Todd LLC, Florence, Kentucky, for Appellees.

Before: DAUGHTREY and GILMAN, Circuit Judges; MILLS, District Judge.

OPINION

RICHARD MILLS, District Judge.

Seizing on a few vague statements from management, the plaintiffs try to turn bad corporate news into a securities class action.

Because the Private Securities Litigation Reform Act ("PSLRA") forbids such alchemy, we generally affirm the district court's dismissal, although we reverse its disposition regarding the claims brought under the Securities Act of 1933, 15 U.S.C. § 77k.

I. BACKGROUND<...

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