b'if the statements about overall survival rates in scientificdismissal of a class action premised upon alleged mis-literature were opinions, they nevertheless were action- statements regarding the Companys prospects of ob-able under the Supreme Courts Omnicare14 decisiontaining FDA approval for its system to treat abdominal because a reasonable investor would have understoodaortic aneurysms intended to reduce post-procedure the statements as implying untrue facts with respect tocomplications, including migration of the repair device, historical survival rates. The Court further held that theand statements highlighting positive interim data from complaint adequately pled loss causation as to state- its U.S.-based clinical trial. The district court dismissed ments regarding Phase 3 enrollment under a material- the complaint for failure to plead facts supporting a ization of risk theory. New York federal district courtsstrong inference of scienter. The Ninth Circuit affirmed largely denied defendants motions to dismiss andon the same basis, holding that the Companys disclo-allowed class actions to proceed into class certificationsure at a healthcare conference regarding migration and discovery phases of litigation; the few district courtissues experienced by patients undercut an inference decisions granting defendants motions to dismiss haveof scienter. The Court further found the plaintiffs theory been appealed by plaintiffs to the Second Circuit. to be implausible because it depended on the suppo-Finally, while the Ninth Circuit historically has beensition that defendants would rather keep the stock price perceived to be one of the most plaintiff-friendly juris- high for a time and then face the inevitable fallout once dictions in past years, there were more dismissals of[the Companys] unsolvable migration problem was class actions than in prior years. In the one Ninth Circuitrevealed, which lacked any basis in logic or com-decision issued in 2020, the Court affirmed mon experience. The decisions issued by California federal district courts were a mixed bag in 2020. While California federal courts dismissed class action complaints in 2020, in some instances, they allowed plaintiffs the opportunity to replead their claims.14 Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund et al., 135 S.Ct. 1318 (2015).8'