Alaska Elec. Pension Fund v. Asar

WIENER, Circuit Judge:

Plaintiff-Appellant Alaska Electrical Pension Fund ("the Fund") is a pension fund representing a class of investors. It claims that Defendants-Appellees Hanger, Inc. ("Hanger") and three of its officers engaged in securities fraud. The Fund's allegations are based predominantly on a report by Hanger's Audit Committee after Hanger restated its financial results. That report indicates that some defendants set an inappropriate "tone at the top" and engaged in improper accounting. The district court granted the defendants' motions to dismiss, holding that the complaint did…