In re PEC Solutions, Incorporated Securities Litigation

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• stating that defendants’ sales of 1.17%, 1.47%, 1.79%, and 13.0% of their holdings during the class period “were nearly de minimis.”
• taking judicial notice of information in public documents the parties had filed with a federal agency
• taking judicial notice of the defendants’ SEC filings related to sale of stock
• declining to (Continued) 13 Section 10(b) liability will lie only if a deceptive tactic is employed with scienter– –that is, “a mental state embracing intent to deceive, manipulate, or defraud.” Tellabs, Inc. v. Makor Issues & Rts., Ltd., 551 U.S. 308, 319 (2007
• no scienter where defendants “lost over $471 million dollars in collective stock value during the class period” (emphasis omitted)
• “Because the CAC relied on Mead’s public testimony it is proper to consider the full text[.]”

Source: CourtListener parenthetical corpus (CC0).