2nd Circuit Panel Affirms Dismissal Of Securities Class Action Pursuant To Omnicare

Mealey's (March 10, 2016, 8:56 AM EST) -- NEW YORK — A federal district court did not err in dismissing two related securities class action lawsuits for failure to plead a material misrepresentation pursuant to the U.S. Supreme Court’s ruling in Omnicare Inc., et al. v. The Laborers District Council Construction Industry Pension Fund and The Cement Masons Local 526 Combined Funds because the defendants’ optimistic statements were not misleading, a Second Circuit U.S. Court of Appeals panel ruled March 7 (Gen. Partner Glenn Tongue, et al. v. Sanofi, et al., Nos. 15-588 and...
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