City of Hollywood Firefighters Pension Fund v. Atlassian Corporation

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA 6 CITY OF HOLLYWOOD FIREFIGHTERS Case No. 3:23-cv-00519-WHO PENSION FUND, et al., 8 Plaintiffs, ORDER GRANTING MOTION TO DISMISS SAC v. Re: Dkt. No. 61 ATLASSIAN CORPORATION, et al., 11 Defendants.

12 In this putative securities class action, the lead plaintiffs amended their complaint to attempt to plead that the defendants made materially false and misleading statements to investors and shareholders, and that the defendants had the requisite scienter required under the securities laws. Despite a previous dismissal without prejudice, the plaintiffs added few substantial allegations to their newly amended complaint. The bulk of the new allegations come from a new confidential witness—but the facts related to this witness are confusing, inconsistent, and ultimately unhelpful to the plaintiffs’ case. For that and the following reasons, the plaintiffs again fail to plead the requisite elements for this securities case. Because the…