IBEW Local 98 Pension Fund v. Best Buy Co., Inc.

LOKEN, Circuit Judge.

Best Buy Co., Inc., is a leading retailer of consumer electronic products and services. - Plaintiffs sued Best Buy and three of its executives (collectively, “defendants”) *777alleging they violated Rule 10b-5 of the federal securities laws1 by making fraudulent or recklessly misleading public statements. Plaintiffs alleged that statements in a press release and ensuing conference call with securities analysts on September 14, 2010, artificially inflated and maintained Best Buy’s publicly traded stock price until the misstatements were disclosed when Best Buy reported its…