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In Re: Smith & Wesson Holding Corp. Sec. Litig. v. Smith & Wesson Holding Corp

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Before Boudin and Lipez, Circuit Judges, and Smith, *fn1 District Judge.

A class of plaintiffs representing purchasers of Smith & Wesson Holding Corporation securities sued the company (“Smith & Wesson”) and two of its high-ranking officers, Michael Golden and John A. Kelly, alleging that the company issued false or misleading public statements about the demand for its products in violation of the Securities Exchange Act of 1934 and related regulations.*fn2 The district court granted summary judgment to Smith & Wesson, and the plaintiffs now appeal.

Smith & Wesson is the parent company of the well-known gun manufacturer; Golden was the President and Chief Executive Officer of Smith & Wesson during the period in question, and Kelly was the Chief Financial Officer. The lead plaintiff, Oklahoma Firefighters Pension and Retirement System, represents a class of all persons purportedly suffering damages as a result of the purchase of Smith & Wesson common stock on the open market between June 14, 2007, and December 6, 2007. It is common ground that the stock suffered precipitous declines starting with the company’s release in late October 2007 of unfavorable preliminary second-quarter earnings data and downwardly revised earnings projections.

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