The original complaint in the case alleged that Align Technology “made several materially false and misleading statements” regarding its goodwill valuation of a subsidiary that it acquired in March 2011. The claims were dismissed at the district court level and the appeals court affirmed that decision, with the 9th Circuit ruling that the plaintiff “failed to satisfy the pleading requirements established by Omnicare, Inc. v. Laborers District Counsel Construction Industry Pension Fund, 135 S. Ct. 1318 (2015), for allegedly false opinion statements.”
The authors write that the 9th Circuit ruling “will likely make it more difficult to allege securities fraud claims based on allegedly false or misleading opinion statements.”
Please click here to read the full article.