Mulligan

(Docket No. 66)

ORDER DENYING DEFENDANTS’ MOTION TO DISMISS CLASS COMPLAINT

I. INTRODUCTION

Plaintiffs Boilermaker-Blacksmith National Pension Trust and Haverhill Retirement System (“Plaintiffs”) have filed the instant securities class action alleging that Defendant Impax Laboratories (“Impax”) and its CEO (Larry Hsu) and CFO (Arthur Koch) made false and misleading material statements. These statements pertained to Impax’s response to various FDA notices and warnings regarding problems in the manufacturing and quality control processes at Impax’s manufacturing facility. Specifically, Plaintiffs allege that Defendants failed to disclose the true nature of the problems present in the facility and misrepresented the scope, nature, and efficacy of the remediation efforts made in response to the FDA warnings. Defendants have moved to dismiss on a number of grounds, including: (1) that the alleged misstatements are protected- under the Private Securities Litigation Reform Act’s (“PSLRA”) safe harbor provision for forward looking statements, (2) that they constitute “mere puffery,” and (3) that there *947 are insufficient allegations suggesting that the statements were false when…