Public Employees' Retirement System v. Millennial Media, Inc.

OPINION & ORDER

PAUL A. ENGELMAYER, District Judge:

In fall 2014, the above two putative class actions were filed, under the federal securities laws, on behalf of all purchasers of Millennial Media, Inc. (“MM”) securities between March 28, 2012 and May 7, 2014. In each, plaintiffs claim that MM and the individual defendants (directors, officers, and executives of MM) made false and misleading statements about the company’s technological capacities and outlook, which artificially inflated the prices of MM stock. They further allege that, when the stock’s price later dropped sharply over a series…