ARKANSAS PUBLIC EMPLOYEES RETIREMENT SYSTEM, LOUISIANA SHERIFFS' PENSION & RELIEF FUND, ERSTE-SPARINVEST KAPITALANLAGEGESELLSCHAFT MBH, Plaintiffs-Appellants, JENNIFER TUNG, Individually and on behalf of all others similarly situated, METZLER ASSET MANAGEMENT GMBH, Plaintiffs v. BRISTOL-MYERS SQUIBB COMPANY, MICHAEL GIORDANO, FOUAD NAMOUNI, FRANCIS M. CUSS, GIOVANNI CAFORIO, LAMBERTO ANDREOTTI, CHARLES A. BANCROFT, Defendants-Appellees., 28 F.4th 343

Summary

HOLDINGS: [1]-As investors failed to adequately allege a material misstatement or omission or facts giving rise to a strong inference of scienter to state a claim under § 10(b) of the Securities Exchange Act of 1934, 15 U.S.C.S. § 78j(b) and Rule 10b-5, 17 C.F.R. § 240.10b-5, dismissal of a securities class action arising from a failed clinical trial conducted to ascertain whether a cancer drug in development would be more effective than chemotherapy in treating a specific type of lung cancer was proper.