Plumbers & Pipefitters Local 572 Pension Fund v. Cisco Systems, Inc.

ORDER DENYING DEFENDANTS’ MOTION FOR JUDGMENT ■ ON THE PLEADINGS

I. INTRODUCTION

This is a securities fraud class action pursuant to § 10(b) of the Exchange Act, 15 U.S.C. § 78j(b), and SEC Rule 10b-5 promulgated thereunder. Specifically, it is brought on behalf of Plaintiffs Plumbers & Pipefitters National Pension Fund, Central States, Southeast and Southwest Area Pension Fund, Carpenters Pension Fund of Illinois, and Alexander Nehring (collectively, “Plaintiffs”) who purchased Cisco Common stock between August 10, 1999 and February 6, 2001 (the “Class Period”). Plaintiffs filed this suit against Cisco Systems, Inc. (“Cisco”), several Cisco Officers and Directors (the “Individual Defendants”) (collectively, “Cisco Defendants”) and Cisco’s accounting firm Pricewaterhousecoopers LLP (“PWC”). Plaintiffs assert that Defendants violated § 10(b) of the 1934 Securities and Exchange Act (the “Act”). Plaintiffs also claim that Cisco and its president and CEO, John Chambers (“Chambers”), violated § 20(a) of the Act.

Presently before the Court is Cisco Defendants’ Motion for Judgment on the Pleadings (“Motion”) (Docket Item No. 373). A hearing on Defendant’s motion was set for June 27,…