In re: Aetna, Inc. Sec. Litig., 09-2970, involved plaintiff shareholders' securities fraud class action suit against Aetna, Inc., claiming that defendants misled investors about Aetna's pricing of insurance policies and then sold shares of Aetna's stock before the fraudulent scheme was revealed to the public.
In affirming the district court's order dismissing the suit under the Private Securities Litigation Reform Act (PSLRA), 15 U.S.C. section 78u-5(c)(1), which contains a safe harbor for forward-looking statements, the court held that the PSLRA safe harbor for forward-looking statements immunizes defendants from liability for securities fraud as the allegedly misleading statements were forward looking, identified as such, accompanied by adequate cautionary statements, and immaterial as a matter of law.
- Full text of In re: Aetna, Inc. Sec. Litig., 09-2970