SEARCH

Oklahoma Firefighters Pension & Ret. Sys. v. Lexmark Int'l Inc.

Securities Fraud Class Suit Denied Dismissal; Statements May Have Been Misleading

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OPINION & ORDER Defendants Lexmark International, Inc. (“Lexmark” or “the Company”), Paul A. Rooke, David Reeder, and Gary Stromquist (the “Individual Defendants,” and collectively with Lexmark, the “Defendants”) move pursuant to Federal Rule of Civil Procedure 12(b)(6) to dismiss the Second Amended Complaint (“Complaint”) in this putative securities fraud class action. For the reasons that follow, Defendants’ motion is denied.BACKGROUNDThe allegations in the Complaint are presumed true on this motion. The putative class includes all persons and entities (“Plaintiffs”) who acquired Lexmark’s publicly traded stock between August 1, 2014 and July 20, 2015 (the “Class Period”). Lexmark is a global manufacturer of printers and related supplies. (Second Am. Compl., ECF No. 63 (“Compl.”), 34.) The Individual Defendants were Lexmark senior executives during the Class Period. (Compl.

35-37.)Plaintiffs allege that Defendants made materially false or misleading statements and omissions in SEC filings, press releases, earnings calls, and investor conferences between August 1, 2014 and May 28, 2015 in violation of Section 10(b) of the Exchange Act and Rule 10b-5. Plaintiffs also bring a Section 20(a) claim against the Individual Defendants for control person liability.I. Lexmark’s Laser Printer Supplies Business and “Channel Inventory”In the years leading up to the Class Period, Lexmark shifted its emphasis from inkjet printers to higher-end laser printers and printing software. (Compl.

More From ALM

Premium Subscription

With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now

Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now

Bundle Subscriptions

Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now

From Data to Decisions

Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends.

Exclusive Depth and Reach.

Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALM’s deep bench of proprietary information to provide insights that can’t be found anywhere else.

Big Pictures and Fine Details

Law.com Compass delivers you the full scope of information, from the rankings of the Am Law 200 and NLJ 500 to intricate details and comparisons of firms’ financials, staffing, clients, news and events.

New York Legal Awards 2024

September 05, 2024
New York, NY

The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.

Learn More

GlobeSt. Women of Influence (WOI) 2024

July 22, 2024 - July 24, 2024
Lake Tahoe, CA

GlobeSt. Women of Influence Conference celebrates the women who drive the commercial real estate industry forward.

Learn More

African Legal Awards 2024

September 06, 2024
Johannesburg

The African Legal Awards recognise exceptional achievement within Africa s legal community during a period of rapid change.

Learn More

Paralegal/Legal Assistant

Eichen Crutchlow Zaslow LLP is a highly regarded legal firm based in Edison, New Jersey. The firm specializes in medical malpractice and per...

Apply Now ›

Associate Professor or Professor of Law

The George Washington University Law School invites applications for multiple tenure-track or tenured faculty appointments, at the rank of A...

Apply Now ›

Employment Attorneys Senior Counsel - Los Angeles, Ventura, California

Gordon Rees Scully Mansukhani has an immediate opening for experienced Employment Attorneys in its Los Angeles and Ventura offices. Candida...

Apply Now ›

Lawyers of Distinction

06/27/2024
The American Lawyer

Professional Announcement

View Announcement ›

06/21/2024
Daily Business Review

Full Page Announcement

View Announcement ›

Blume Forte Fried Zerres & Molinari

06/14/2024
New Jersey Law Journal

Professional Announcement

View Announcement ›