Alaska Electrical Pension Fund v. Adecco S.A.

ORDER: (1) GRANTING MOTION TO DISMISS CONSOLIDATED COMPLAINT; (2) DISMISSING CONSOLIDATED COMPLAINT WITHOUT PREJUDICE

On March 14, 2005, this matter came on regularly for a hearing on Defendants’ Motion to Dismiss the Consolidated Complaint. Scott H. Saham of Lerach Cough-lin Stoia Geller Rudman & Robbins, LLP appeared for Plaintiffs. Laurie B. Smilan of Latham & Watkins appeared for the Defendants. At the conclusion of the hearing, the Court requested the parties to submit supplemental briefing.

Having carefully reviewed the parties’ briefs, oral argument, and applicable law, the Court finds the Consolidated Complaint does not meet the pleading requirements under the Private Securities Litigation Reform Act of 1995 (“PSLRA”), 15 U.S'C. §§ 78u-4(b)(l) and (2), and therefore GRANTS Defendants’ motion to dismiss. This dismissal, however, is without prejudice and Plaintiffs have 45 days from the date this order is stamped “Filed” to file an amended complaint.

BACKGROUND

Plaintiffs filed this action under §§ 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78(t)(a), and Rule 10b-5 of the Securities and Exchange Commission (“SEC”), 17 C.F.R. § 240…