Geffon v. Micrion Corp.

Appellants are class representatives of all persons who purchased stock in Micrion Corporation (“Micrion”) between April 26 and June 24, 1996. They allege that defendants Micrion, Nicholas Economou, Robert McMenamin and David Hunter *fn1 were responsible for statements or omissions in violation of �� 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. �� 78j(b) and 78t(a), and in violation of Securities and Exchange Commission Rule 10b- 5, 17 C.F.R. � 240.10b-5. The district court found that there was no genuine dispute of material fact as to whether the statements in question were misleading or fraudulent, and granted summary judgment to defendants. Geffon v. Micrion Corp., 76 F. Supp. 2d 134, 148 (D. Mass. 1999). This appeal followed. For the reasons explained herein, we affirm the grant of summary judgment, albeit based on different reasoning than that used by the district court, namely that appellants adduced insufficient evidence of defendants’ scienter.

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