Retail Wholesale & Department Store Union Local 338 Retirement Fund v. Hewlett-Packard Co.

Good Law

52 F. Supp. 3d 961·2014 WL 2905387·2014 U.S. Dist. LEXIS 88027

United States District Court, Northern District of CaliforniaJune 25, 2014Case No. 12-cv-04115-JSTCalifornia5,066 words

Opinion

lead Opinion

Tigar, J.

*964 Re: ECF Nos. 68, 70

ORDER GRANTING MOTIONS TO DISMISS

The Court previously dismissed Plaintiffs securities fraud complaint against Defendants Hewlett Packard Co. (“HP”) and its former Chairman, President, and CEO, Mark Hurd, for failure to state a claim under the pleading standards of the Private Securities Litigátion Reform Act of 1995 (“PSLRA”), 15 U.S.C. § 78u-4. ECF No. 63. Plaintiff then filed a Second Amended Complaint, which Defendants now move to dismiss. Because the Second Amended Complaint still fails to adequately allege materiality and falsity, the Court will grant Defendants’ motions without leave to amend.

I. FACTUAL ALLEGATIONS 1

Lead Plaintiff Retail Wholesale & Department Store Union Local 338 Retirement Fund’s Second Amended Complaint, ECF No. 65 (“SAC”), alleges that HP and its former Chairman, President, and CEO Mark Hurd committed securities fraud in violation of sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j (b), 78t(a), and Rule 10b-5 promulgated thereunder by the Securities Exchange Commission, 17 C.F.R. § 240 .10b-5. The SAC was filed on behalf of a class of shareholders who purchased HP stock between November…

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