Investors’ Securities Claims Fail To Meet Pleading Requirements, Judge Rules

Mealey's (January 4, 2017, 11:35 AM EST) -- SAN FRANCISCO — Shareholders in a securities class action lawsuit against a specialty oil products manufacturer and distributor, certain of its current and former officers and directors and underwriters of two stock offerings failed to plead falsity in making their federal securities law claims because their claims failed to meet the strict pleading standards of the Private Securities Litigation Reform Act (PSLRA) and Federal Rule of Civil Procedure 9(b), a federal judge in California ruled Dec. 29 (Norfolk County Retirement System, et al. v. Solazyme Inc., et al., No. 15-2938, N.D. Calif.; 2016 U.S. Dist. LEXIS 179949)....