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IN RE ARIAD PHARMACEUTICALS SECURITIES LITIGATION

No. 15-1491.

842 F.3d 744 (2016)

IN RE: ARIAD PHARMACEUTICALS, INC. SECURITIES LITIGATION. Joseph Bradley; Pension Trust Fund for Operating Engineers; City of Fort Lauderdale Police & Fire Retirement System; Automotive Industries Pension Trust Fund; William A. Gaul, D.M.D., Plaintiffs, Appellants, Nabil Elmachtoub, individually and on behalf of all others similarly situated; James L. Burch, individually and on behalf of all others similarly situated; Greater Pennsylvania Carpenters' Pension Fund, individually and on behalf of all others similarly situated; Jimmy Wang, individually and on behalf of all others similarly situated, Plaintiffs, v. Ariad Pharmaceuticals, Inc; Harvey J. Berger; Frank G. Haluska; Timothy P. Clackson; Edward M. Fitzgerald; Jefferies & Company, Inc.; Wayne Wilson; Jay R. Lamarche; BMO Capital Markets Corp.; Athanase Lavidas; Cowen and Company, LLC; RBC Capital Markets, LLC; JP Morgan Securities LLC; Leerink Swann LLC; Norbert G. Riedel; Massimo Radaelli; Robert M. Whelan, Jr.; UBS Securities LLC, Defendants, Appellees, David E. I. Pyott; Mike R. Bowlin; John T. Cardis; Wesley W. Vonschack; Robert A. Ingram; William J. Link; Michael A. Mussallem; Barbara J. McNeil, Defendants.

United States Court of Appeals, First Circuit.

November 28, 2016.

Attorney(s) appearing for the Case

John C. Browne , with whom Kristin Ann Meister , Bernstein Litowitz Berger & Grossmann, LLP, Ariana J. Tadler , Arvind Khurana , Melissa Ryan Clark , Milberg LLP, Johnathan Gardner , Carol Villegas , Labaton Sucharow LLP, Glen DeValerio , and Berman DeValerio were on brief, for appellants.

John F. Sylvia , with whom Andrew N. Nathanson , Matthew D. Levitt , Rebecca L. Zeidel , and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. were on brief, for appellees ARIAD Pharmaceuticals, Inc., Harvey J. Berger , Frank G. Haluska , Timothy P. Clackson , Edward M. Fitzgerald , Wayne Wilson , Jay R. Lamarche , Athanase Lavidas , Norbert G. Reidel , Massimo Radaelli , and Robert M. Whelan, Jr.

Brian E. Pastuszenski , with whom Mark Holland , Brian C. Devine , and Goodwin Procter LLP were on brief, for appellees Jefferies & Company, Inc., BMO Capital Markets Corp., Cowen and Company, LLC, RBC Capital Markets, LLC, JP Morgan Securities LLC, Leerink Swann LLC, and UBS Securities LLC.

Before Howard, Chief Judge, Souter, Associate Justice, Lipez, Circuit Judge.

When a company's stock declines, a shareholder lawsuit often follows. This case is no exception. Following a drop in the share price of ARIAD Pharmaceuticals, Inc., investors filed suit against the company and four corporate officers (together "ARIAD"), alleging securities fraud in violation of Sections 10(b) and 20(a) of the...

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