Bardman
Securities & Exchange Commission v. Bardman
Opinion
Lead Opinion
Tigar, J.
ORDER GRANTING IN PART AND DENYING IN PART DEFENDANTS’ MOTIONS TO DISMISS
Re: ECF Nos. 16,
Before the Court are Defendants’ motions to dismiss. The Court will grant the motions in part and deny them in part.
I. BACKGROUND
A. Factual Background
Logitech International, S.A. is a manufacturer of computer accessories and other electronic equipment. ECF No. 1 ¶ 1. During the time relevant to the complaint, Defendant Erik K. Bardman was Logi-tech’s Senior Vice President of Finance and Chief Financial Officer, and defendant Jennifer F. Wolf was its Acting Controller. Id.
In October 2010, Logitech launched a new product called “Revue.” Id. Revue was a television set-top device that provided internet use and video streaming through Google user interface and software. Logi-tech originally priced Revue at $299, but that price was too high for the features Revue offered compared to competitive devices, and its sales suffered accordingly. Id. at ¶ 2; ECF No. 18 at 5. “Revue was projected to be a significant percentage of Logitech’s sales revenue, and represented a new strategic direction for the company,” but its “sales were 70 percent lower than internal projections by the fourth…