Kbc tool10/29/2023 The district court dismissed the action and the Fourth Circuit affirmed, holding that plaintiffs failed to adequately allege scienter. Plaintiffs claimed that the company made misrepresentations regarding its financial health, which plaintiffs alleged were false because the company had undertaken cost-cutting measures that undermined its ability to meet its revenue projections. On December 1, 2021, the United States Court of Appeals for the Fourth Circuit affirmed the dismissal of a putative class action asserting claims under the Securities Exchange Act of 1934 against an information technology company and certain of its executives.
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