Fresno County Employees' Retirement Ass'n v. Alphatec Holdings, Inc.

MEMORANDUM

Fresno County Employees’ Retirement Association (“Fresno”) appeals the district court’s dismissal of its action alleging violations of federal securities laws by various entities and related individuals. We have jurisdiction pursuant to 28 U.S.C. § 1291 . Reviewing de novo, In re NVIDIA Corp. Sec. Litig., 768 F.3d 1046, 1051 (9th Cir.2014), we affirm.

First, we agree with the district court that the operative second amended complaint does not allege a false or misleading statement. The statement that Alphatec had “already begun to realize synergies from the Scient’x acquisition” is' not false or misleading because it refers to specific synergies unrelated to the quality of Scient’x’s inventory. See In re Rigel Pharm., Inc. Sec. Litig., 697 F.3d 869, 880-81 (9th Cir.2012); cf. Person v. Applied Signal Tech., Inc., 527 F.3d 982, 985-87 (9th Cir.2008) (noting that there is no general duty to disclose, but once a company chooses to discuss a topic, it must do so in a way that is not misleading). Similarly, the prospectus’s statement that Alpha-tec’s “revenues throughout the balance of 2010 will continue to grow” is not false or misleading because the complaint fails to…