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City of Dearborn Heights Act 345 Police & Fire Retirement System v. Waters Corporation, Douglas A. Berthiaume, and John A.

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Before Lynch, Chief Judge, Howard, Circuit Judge, and DiClerico, *fn1 District Judge.

This securities fraud class action raises one type of question under the category of questions about whether plaintiff investors have pled facts supporting a strong inference that defendants acted with scienter under the Private Securities Litigation Reform Act of 1995 (PSLRA), Pub. L. 104-67, 109 Stat. 737.

The dispute here is not about whether the facts alleged support the inference that the defendants knew of certain undisclosed facts during the class period. We addressed that type of scienter question in New Jersey Carpenters Pension & Annuity Funds v. Biogen Idec Inc., 537 F.3d 35, 44 (1st Cir. 2008). Rather, the question here is whether there is a strong inference that the defendants’ failure to disclose certain facts was a result of wrongful intent, or scienter, even assuming defendants knew of those facts. Answering this question involves an inquiry into the relationship between scienter and the materiality of the undisclosed information. We affirm the district court’s dismissal of this action for failing to meet the “strong inference” of scienter standard set forth in the PSLRA.

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