City of Hollywood Firefighters Pension Fund v. Atlassian Corporation

1 2 3 4 UNITED STATES DISTRICT COURT 5 NORTHERN DISTRICT OF CALIFORNIA 6 7 CITY OF HOLLYWOOD FIREFIGHTERS Case No. 3:23-cv-00519-WHO PENSION FUND, et al., 8 Plaintiffs, ORDER GRANTING MOTION TO 9 DISMISS v. 10 Re: Dkt. No. 43 ATLASSIAN CORPORATION, et al., 11 Defendants.

12 13 In this putative securities class action, the investor-plaintiffs sued the defendants— 14 corporate entities as well and individual officers—for making at least nine false and misleading 15 statements about the strength of the financial outlook. The plaintiffs say that this overinflated the 16 stock, and when the truth was revealed and the stock dropped, investors collectively lost billions 17 of dollars. The defendants moved to dismiss. Because the plaintiffs fail to plausibly allege that 18 most of the statements were false or misleading and fail to allege any plausible theory of scienter, 19 among the other reasons discussed below, the defendants’ motion is granted with leave to amend. 20 BACKGROUND 21 I. FACTUAL…