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IN RE AETNA, INC. SECURITIES LITIGATION

No. 09-2970.

617 F.3d 272 (2010)

In re AETNA, INC. SECURITIES LITIGATION Varma Mutual Pension Insurance Company, Appellant.

United States Court of Appeals, Third Circuit.

Opinion Filed August 11, 2010.

Attorney(s) appearing for the Case

Michael K. Yarnoff, Esquire (Argued) Benjamin J. Sweet, Esquire , Bharati O. Sharma, Esquire, Barroway, Topaz, Kessler, Meltzer & Check, LLP, Radnor, PA, Jay W. Eisenhofer, Esquire , Charles T. Caliendo, Esquire , Grant & Eisenhofer, P.A., New York, NY, James R. Banko, Esquire , Geoffrey C. Jarvis, Esquire , Grant & Eisenhofer, P.A., Wilmington, DE, for Appellant.

Michael P. Carroll, Esquire (Argued), Michael S. Flynn, Esquire , Jonathan D. Martin, Esquire , Davis, Polk & Wardwell, LLP, New York, NY, John M. Elliott, Esquire , Frederick P. Santarelli, Esquire , Elliott, Greenleaf & Siedzikowski, P.C., Blue Bell, PA, for Appellees.

Before: SLOVITER, ROTH, and TASHIMA, Circuit Judges.

OPINION

ROTH, Circuit Judge:

Plaintiff shareholders appeal the District Court's order dismissing this securities fraud class action under the Private Securities Litigation Reform Act, 15 U.S.C. § 78u-5(c)(1), which contains a safe harbor for forward-looking statements. We find the alleged misrepresentations which form the basis of plaintiffs' claims are protected by the safe harbor because they are forward-looking and immaterial as a matter of law....

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