City of Plantation Police Officers Pension Fund, Plaintiff - Appellant v. Meredith Corporation; Stephen M. Lacy; Thomas H. Harty; Joseph H. Ceryanec; Jonathan B. Werther, Defendants - Appellees, 16 F.4th 553

Summary

HOLDINGS: [1]-The district court properly dismissed plaintiff's securities-fraud claim under § 10(b) of the Securities Exchange Act, 15 U.S.C.S. § 78j(b), because 137 of the 138 statements listed in the amended complaint were immaterial, and the confidential former employee's allegation did not give rise to a strong inference of severe recklessness, 15 U.S.C.S. § 78u-4(b)(2)(A); [2]-Because plaintiff's § 20(a) controlling-person claim was "derivative" of its § 10(b) claim, the district court properly dismissed the § 20(a) claim, 15 U.S.C.S. § 78t(a).