Pension Trust Fund for Operating Engineers v. Yahoo! Inc.

MEMORANDUM

Appellant Pension Trust Fund for Operating Engineers appeals the district court’s dismissal of its class action securities fraud complaint alleging violations of §§ 10(b) and 20(a) of the Securities Exchange Act of 1934. 15 U.S.C. §§ 783 (b) & 78t(a). The district court held that appellees Yahoo! Inc. and three of its principal officers had no duty to disclose the allegedly omitted information at the time the class period statements were made, and that, even if certain allegedly false pre-class period statements gave rise to a duty to correct, disclosure was made within a reasonable time period. We have jurisdiction under 28 U.S.C. § 1291 . Reviewing de novo, Zucco Partners, LLC v. Digimarc Corp., 552 F.3d 981, 989 (9th Cir.2009), we affirm.

The complaint fails to identify any actionable misrepresentation or omission. See 15 U.S.C. § 78u-4(b)(l) (requiring particularity); Fed.R.Civ.P. 9(b) (same); Stoneridge Inv. Partners, LLC v. Scientific-Atlanta, 552 U.S. 148, 157 , 128 S.Ct. 761 , 169 L.Ed.2d 627 (2008) (stating the elements of a claim under § 10(b) of the Securities Exchange Act of 1934 and Securities and Exchange Commission Rule 10b — 5). Specifically, the…