Cornelia I. Crowell GST Trust v. Possis Medical, Inc., 8th Cir. Mar. 21, 2008
07-1840 Cornelia I. Crowell GST Trust v. Possis Medical, Inc.
U.S. District Court for the District of Minnesota - Minneapolis
[PUBLISHED] [Goldberg, Author, Court of International Trade, with Colloton and Shepherd, Circuit Judges]
Civil Case - securities. District court’s dismissal of complaint alleging
securities fraud was properly dismissed, as pleading did not meet the
heightened standards of the Private Securities Litigation Reform Act by
establishing defendant misrepresented a material fact or acted with the
required scienter. Importance attached to study did not support inference
of scienter and stock sales by employees did not establish motive or
opportunity to support the inference. District court did not err in denying
motion to amend the complaint on the basis of futility.
