Goodman Life Income Trust v.

Spotlight on Stock Options Backdating

Plaintiffs were a putative class of investors who purchased stock in Jabil Circuit, Inc. Plaintiffs asserted five sets of claims against Jabil and certain of its senior officers.

Second, plaintiffs alleged that the individual defendants engaged in insider trading in violation of Section 10 b and Rule 10b-5, as well as Section 20A of the Act.

Fifth, plaintiffs alleged that the individual defendants were liable as controlling persons of Jabil under Section 20 a of the Act, 15 U.

The United States District Court for the Middle District of Florida dismissed the amended complaint. The district employee stock options backdating viewed the complaint as based on a scheme of backdating options, and found that the speculative allegations did not adequately plead backdating because they failed to detail the role of any of the individual defendants in the alleged scheme and did not identify when or how any stock option was backdated.

As a result, the district court held that plaintiffs failed to plead both falsity and scienter intent to commit fraud sufficiently to satisfy 60 seconds binary options strategy download us based heightened pleading requirements of the Reform Act.

As long as a forward-looking statement is accompanied by meaningful cautionary language, the Court recognized, the speaker is protected from liability irrespective of his state of mind.

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