The complaint charges Siemens with violations of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, Siemens made materially false and misleading statements concerning its ability to generate revenues and achieve earnings expectations once it had put an end to systemic and extensive fraud, bribery and other illegal and corrupt activities in order to obtain contracts or retain business. As the truth was revealed, Siemens shares plummeted, causing damages of billions of dollars to Siemens shareholders.
On February 17, 2010, an Order on the remaining motion for appointment of lead plaintiff and lead counsel was granted. 1199 SEIU Greater New York Pension Fund was appointed lead plaintiff for the putative class, and the law firm of Coughlin Stoia Geller Rudman & Robbins LLP was appointed as the putative class's Lead Counsel.
On May 17, 2010, an Amended Complaint for Violations of the Federal Securities Laws against was filed against the Defendants.
On March 31, 2011, the Court dismissed the claims against the defendants without leave to replead. Lead plaintiff’s claims under § 10(b) and Rule 10b-5 against the defendants were dismissed pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure for failure to state a claim, as the amended complaint failed to allege facts giving rise to a strong inference of scienter as required under the PSLRA. In the absence of an alleged violation of § 10(b) or Rule 10b-5, lead plaintiff’s claims against certain individual defendants under § 20(a) were dismissed also pursuant to Rule 12(b)(6) for failure to state a claim.
The plaintiffs filed a motion for reconsideration from the order, and the motion was denied. The Clerk's Judgment was entered on May 11, 2011, and the case is now closed.