• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Subscribe

MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • Latest News
  • Technologies
    • Artificial Intelligence (AI)
    • Cardiovascular
    • Orthopedics
    • Neurological
    • Diabetes
    • Surgical Robotics
  • Business & Finance
    • Wall Street Beat
    • Earnings Reports
    • Funding Roundup
    • Mergers & Acquisitions
    • Initial Public Offering (IPO)
    • Legal News
    • Personnel Moves
    • Medtech 100 Stock Index
  • Regulatory & Compliance
    • Food & Drug Administration (FDA)
    • Recalls
    • 510(k)
    • Pre-Market Approval (PMA)
    • MDSAP
    • Clinical Trials
  • Special Content
    • Special Reports
    • In-Depth Coverage
    • DeviceTalks
  • Podcasts
    • MassDevice Fast Five
    • DeviceTalks Weekly
    • OEM Talks
      • AbbottTalks
      • Boston ScientificTalks
      • DeviceTalks AI
      • IntuitiveTalks
      • MedtechWOMEN Talks
      • MedtronicTalks
      • Neuro Innovation Talks
      • Ortho Innovation Talks
      • Structural Heart Talks
      • StrykerTalks
  • Resources
    • About MassDevice
    • DeviceTalks
    • Newsletter Signup
    • Leadership in Medtech
    • Manufacturers & Suppliers Search
    • MedTech100 Index
    • Videos
    • Webinars
    • Whitepapers
    • Voices
Home » 9th Circ denies pension fund in $187m suit against Align Technology

9th Circ denies pension fund in $187m suit against Align Technology

June 19, 2017 By Fink Densford

gavel

The 9th Circuit this week affirmed a decision to deny a pension fund’s class action suit which alleges that orthodontic device developer Align Technology (NSDQ:ALGN) misled it’s investors about it’s 2011 acquisition of Cadent for $187.6 million.

In the appeal, the plaintiffs, the Michigan-based City of Dearborn Heights Act 345 Police & Fire Retirement System, argued that an earlier decision had overstated standards for pleading falsity and scienter. The group argued that “falsity of opinion statements can be pleaded by alleging facts that demonstrate that ‘there is no reasonable basis for the belief’,” according to court documents.

The district court had previously concluded that the plaintiff was required to plead “particularized facts establishing that defendants did not believe in their statements concerning goodwill at the time they made them,” according to the court documents.

Judges in the case affirmed the earlier decision to dismiss the case with prejudice for failure to plead falsity and sciences, and determined that the plaintiff would be responsible for the costs of the appeal.

The case dates back to August 2014, when Align said that a California district court again dismissed a shareholder lawsuit, this time with prejudice.

A judge for the U.S. District Court for the Northern District of California shot down a complaint filed in 2012 by the Michigan-based City of Dearborn Heights Act 345 Police & Fire Retirement System, which had accused the dental devices maker and its leaders of insider trading.

The lawsuit was originally dismissed in December 2013 when the court ruled that the plaintiff failed to state a claim. U.S. District Judge William Orrick ruled at the time that the plaintiffs never accused Align or its leadership of any willful misconduct and that the lawsuit failed to specify how any of the challenged financial statements were specifically false or misleading.

Filed Under: Dental, Legal News Tagged With: aligntechnology

More recent news

  • Medtronic earns CE mark for redo TAVI procedure
  • Natus Neuro launches BrainWatch AI-driven, point-of-care EEG
  • Boston Scientific has positive real-world Acurate Prime TAVI data
  • Johnson & Johnson MedTech launches ultrasound catheter for imaging in cardiac ablation procedures
  • Onward reports more successful BCI implants

Primary Sidebar

“md
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest med device regulatory, business and technology news.

DeviceTalks Weekly

See More >

MEDTECH 100 Stock INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
MDO ad

Footer

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing
Medical Tubing + Extrusion
Drug Discovery & Development
Pharmaceutical Processing World
MedTech 100 Index
R&D World
Medical Design Sourcing

DeviceTalks Webinars, Podcasts, & Discussions

Attend our Monthly Webinars
Listen to our Weekly Podcasts
Join our DeviceTalks Tuesdays Discussion

MASSDEVICE

Subscribe to MassDevice E-Newsletter
Advertise with us
About
Contact us

Copyright © 2025 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Privacy Policy