City of Dearborn Heights Act 345 Police & Fire Retirement System v. Align Technology, Inc.

[Re: ECF No. 46]

ORDER GRANTING MOTION TO DISMISS SECOND AMENDED COMPLAINT

This is a securities fraud putative class action lawsuit based on a stock issuer’s alleged failure to take a timely impairment charge to goodwill. Plaintiff City of Dear-born Heights Act 345 Police & Fire Retirement System (“Plaintiff’) asserts two claims against Align Technology, Inc. (“Align”), Align’s Chief Executive Officer Thomas M. Prescott, and Align’s Chief Financial Officer Kenneth B. Aróla (collectively, “Defendants”): (1) that Defendants violated § 10(b) of the Securities Exchange Act, 15 U.S.C. § 78j(b), and SEC Rule 10b-5, 17 C.F.R. § 240 .10b-5, promulgated pursuant to § 10(b); and (2) that Defendants are liable under § 20(a) of the Securities Exchange Act, 15 U.S.C. § 78t(a), as “controlling persons.” Plaintiff brings these claims on behalf of itself and all other purchasers of Align’s common stock between January 31, 2012 and October 17, 2012 (“Class Period”).

Before the Court is Defendants’ Motion to Dismiss Second Amended Complaint. (Defi’s Mot., ECF 46) The present motion, and Plaintiffs Second Amended Complaint (“SAC”), (ECF 43), come in the wake of the Court’s December 9,' 2013 order…