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Mississippi Public Employees' Retirement System v. Boston Scientific Corporation, James R. Tobin

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Before Lynch, Chief Judge. Boudin and Thompson, Circuit Judges.

In this securities class action, plaintiff Mississippi Public Employees’ Retirement System alleges that senior management of Boston Scientific Corporation (BSC), a publicly traded manufacturer of medical devices in which plaintiff invested, withheld material information and made misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b), 78t(a), and Securities Exchange Commission Rule 10b-5, 17 C.F.R. § 240.10b-5.

*fn1 First, it held that the evidence regarding defendants’ statements, omissions, and stock sales did not support a reasonable inference that they acted with scienter in not disclosing or implementing the manufacturing fix or recalls sooner, and that rather than lulling the market, defendants had made a reasonable effort to address the risks inherent in the launch of Taxus. Second, the court held that no reasonable jury could find that any of the alleged misrepresentations by the defendants were material because the market had available sufficient corrective information to cure any arguably misleading statements or omissions. Third, the court held that in light of the timing of BSC’s disclosures regarding the no-deflate complaints and its manufacturing solution, there was insufficient evidence to support plaintiff’s claim that the alleged misrepresentations caused plaintiff’s economic losses.

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