Employers-Teamsters Local Nos. 175 & 505 Pension Trust Fund v. Anchor Capital Advisors

Appellants, non-parties to the action below, bring this appeal from the district court’s order granting lead plaintiffs motion to dismiss its claims in an uncertified securities class action. Because Appellants never filed a complaint or formally moved to intervene, they lack standing and we are therefore precluded from reaching the merits of Appellants’ argument that they would have been the proper lead plaintiff pursuant to the Private Securities Litigation Reform Act (the “PSLRA”), 15 U.S.C. § 78u-4(a). Furthermore, lead plaintiffs voluntary dismissal of its claims prior to class certification renders this appeal of the interim lead plaintiff order moot. Appellants’ argument that they could not file their own complaint due to the proscription against “piggybacking” on an original class action is also without merit. The appeal is dismissed.

I. Facts

On November 12, 2003, Anchor Capital Advisors (“Anchor Capital”) filed the first of four purported class actions in the Central District of California against Watson Pharmaceuticals, Inc. (“Watson Pharmaceuticals”) for alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Appellants did not…