In Re Syncor Intern. Corp. Securities Litigation

In Re Syncor International Corp. Securities Litigation

Good Law

327 F. Supp. 2d 1149

United States District Court, Central District of CaliforniaJuly 6, 2004CV 02-8560 LGB (RCx), CV 02-8972, CV 02-9248, CV 02-8575, CV 02-8841, CV 02-9583, CV 02-8687, CV 02-9076, CV 02-9621, CV 02-9640, CV 03-52California12,428 words

Opinion

Baird, J.

ORDER GRANTING DEFENDANTS’ MOTIONS TO DISMISS THE SECOND AMENDED CLASS ACTION COMPLAINT

I. INTRODUCTION

This is a class action on behalf of purchasers of Syneor International Corporation’s (“Syncor”) publicly traded securities. The second amended complaint alleges security violations under section 10(b) of the 1934 Act, Rule 10b-5, and section 20(a) of the 1934 Act. Currently before the Court are Defendants’ motions to dismiss the second amended class action complaint (“complaint”) pursuant to Federal Rules of Civil Procedure 12(b)(6), 9(b) and section 21D of the Private Securities Litigation Reform Act (“PSLRA”), 15 U.S.C. § 78u-4.

II. FACTUAL BACKGROUND AND PROCEDURAL HISTORY

Between November 6, 2002 and January 3, 2003 eleven class action complaints were filed against Syneor for securities fraud. On March 4, 2003, the Court consolidated the related cases and appointed lead counsel. On May 19, 2003, Plaintiffs in the consolidated cases (“Plaintiffs”) filed their amended class action complaint against Syneor and 12 individual defendants: Robert G. Funari, Monty Fu, Moses Fu, David L. Ward, Jack L. Coffey, Sheila H. Coop, George S. Old, Henry M. Wagner, Jr., M.D., Gail R.…

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