EINHORN v. AXOGEN, INC.

No. 21-11246.

42 F.4th 1218 (2022)

Neil EINHORN, Individually and on behalf of all others similarly situated, Plaintiff, Police and Fire Retirement System of the City of Detroit, Individually and on behalf of all others similarly situated, Plaintiff-Appellant, v. AXOGEN, INC., Karen Zaderej, Peter J. Mariani, Gregory G. Freitag, Jamie M. Grooms, Robert J. Rudelius, Mark Gold, Guido Neels, Amy Wendell, Leerink Partners LLC, JMP Securities LLC, Jefferies LLC, William Blair & Company, L.L.C., Defendants-Appellees, John Harper, et al., Defendants.

United States Court of Appeals, Eleventh Circuit.

Filed: August 1, 2022.


Attorney(s) appearing for the Case

Daniel Berger , Jay W. Eisenhofer , Grant & Eisenhofer, PA, New York, NY, Lester R. Hooker , Adam David Warden , Joseph Edward White, III , Saxena White, PA, Boca Raton, FL, John C. Kairis , Rebecca A. Musarra , Grant & Eisenhofer, PA, Wilmington, DE, for Plaintiff-Appellant.

Amanda E. Reagan , DLA Piper LLP (US), Tampa, FL, Ilana Hope Eisenstein , DLA Piper LLP (US), Philadelphia, PA, Elan Abraham Gershoni , DLA Piper LLP (US), Miami, FL, Caryn G. Schechtman , Marc Aaron Silverman , DLA Piper LLP (US), New York, NY, for Defendants-Appellees Axogen, Inc., Karen Zaderej, Peter J. Mariani, Gregory G. Freitag, Jamie M. Grooms, Robert J. Rudelius, Mark Gold, Guido Neels, Amy Wendell.

Amy Lea Drushal , Trenam Law, Tampa, FL, Daniel P. Roeser , Brian Pastuszenski , Goodwin Procter, LLP, New York, NY, Katherine Dacey , Goodwin Procter, LLP, Boston, MA, William M. Jay , Goodwin Procter, LLP, Washington, DC, for Defendants-Appellees Leerink Partners LLC, JMP Securities LLC, Jefferies LLC, William Blair & Company, L.L.C.

Before Lagoa, Brasher, and Tjoflat, Circuit Judges.


The Police and Fire Retirement System of the City of Detroit lost money when a short seller's report concluded that Axogen, Inc., had overstated the market for its products, resulting in a precipitous decline in Axogen's stock price. Specifically, Axogen said that its human nerve repair products had potential because "each...

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