The Police Retirement System of St. Louis v. Granite Construction Incorporated

INTRODUCTION

15 In this securities action, defendants move to dismiss, arguing that plaintiff has failed to 16 allege an actionable omission or misrepresentation, that plaintiff has failed to plead scienter, 17 and that the PSLRA’s safe harbor provisions provide a defense against the alleged conduct. 18 For the reasons below, defendants’ motion is GRANTED IN PART and DENIED IN PART. 19

STATEMENT

20 Granite Construction Incorporated is a publicly traded construction company 21 headquartered in Watsonville, California. It bids on and completes large infrastructure projects 22 for public and private clients. The Police Retirement System of St. Louis serves as the court- 23 appointed lead plaintiff in this putative class action. The putative class consists of persons or 24 entities damaged as a result of acquiring Granite stock between April 30, 2018, and October 25 24, 2019 (Amd. Compl. at ¶¶ 1–2, 19, 32, 299, 322). 26 Plaintiff’s amended complaint asserts claims against Granite, as well as individuals 27 James Roberts, its Chief Executive Officer; Jigisha Desai, its Chief Financial Officer; and 1 Laurel Krzeminski, its former Chief Financial Officer. The claims concern…