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CITY OF EDINBURGH COUNCIL v. PFIZER, INC.

No. 13-2314.

754 F.3d 159 (2014)

CITY OF EDINBURGH COUNCIL as Administering Authority for the Lothian Pension Fund; ARCA S.G.R.S.P.A, Appellant, v. PFIZER, INC., as successor in interest to Wyeth, a Delaware Corporation; Robert Essner; Bernard Poussot; Kenneth J. Martin; Robert R. Ruffolo; Wyeth.

United States Court of Appeals, Third Circuit.

Filed: June 6, 2014.

Attorney(s) appearing for the Case

Jeffrey A. Almeida, Esq. , Grant & Eisenhofer, Wilmington, DE, Daniel L. Berger, Esq. , [Argued], Deborah A. Elman, Esq. , Grant & Eisenhofer, New York, NY, Gregory M. Castaldo, Esq. , Joshua E. D'Ancona, Esq. , Michael K. Yarnoff, Esq. , Kessler, Topaz, Meltzer & Check, Radnor, PA, for Appellants.

John Villa, Esq. , [Argued], George A. Borden, Esq. , David R.J. Riskin, Esq. , Williams & Connolly, Washington, DC, Stephen C. Matthews, Esq. , Porzio, Bromberg & Newman, Morristown, NJ, for Appellees.

Before: SMITH, SHWARTZ, and SCIRICA, Circuit Judges.

OPINION OF THE COURT

SCIRICA, Circuit Judge.

In this private securities fraud class action under the Private Securities Litigation Reform Act of 1995 ("PSLRA"), two institutional investors allege a pharmaceutical company and its executives made materially false and misleading statements in violation of the Securities Exchange Act of 1934 (the "Exchange Act") regarding interim clinical trial data related to the development of an experimental Alzheimer's drug...

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