Virtual machines can be hosted on one physical computer and operated remotely by a user of another physical computer. This significantly improves our performance for backing up virtual A "virtual machine" is a digital computing environment that replicates the functionality of a physical computer's operating system. For example, on November 1, 2018, Ali stated in a call with investors and analysts that ", which includes new purpose-built server backup for virtual machines, is the first Carbonite solution directly integrated into the new platform. Ali, and its CFO, defendant Anthony Folger. In October 2018, Carbonite announced the release of VME, which would "enable businesses to select, manage and recover their data from a single location."1 Between the October launch and the following July, Carbonite publicly promoted VME, including through its CEO, defendant Mohamad S. The events leading to this suit took place during a specified Class Period, beginning with Carbonite's Octolaunch of a new data-backup product called "Server VM Edition" ("VME") and concluding with the Jannouncement that VME was being withdrawn from the market. Carbonite is a software company headquartered in Boston that offers cloud-based backup and data protection services. These include "documents the authenticity of which are not disputed by the parties," "official public - 3 - records," and "documents sufficiently referred to in the complaint." Id. 2020) (internal quotation marks and alteration omitted) (quoting Brennan v. As this case comes to us on a motion to dismiss, we accept the factual allegations set forth in the amended complaint, as "supplemented by certain materials the defendants filed in the district court in support of their motion to dismiss." Mehta v. Plaintiff For the following reasons, we reverse the district court's dismissal of the complaint. The district court agreed that plaintiff had insufficiently pleaded scienter, so the court granted the motion to dismiss without reaching appealed. The defendants moved to dismiss the complaint, arguing both that it failed to allege facts raising a strong inference of scienter and that it alleged no actionable material misrepresentations or omissions. ("Carbonite") brought this securities fraud class action alleging that Carbonite and certain current and former officers misled investors by touting a new product that they knew did not even work. ![]() Lead plaintiff Construction Industry and Laborers' Joint Pension Trust ("plaintiff") and other holders of common stock of defendant Carbonite, Inc. Foster, and Skadden, Arps, Slate, Meagher & Flom LLP were on brief, for appellees. Hess-Mahan, and Hutchings Barsamian Mandelcorn, LLP were on brief, for appellant. Merenda, Robbins Geller Rudman & Dowd LLP, Theodore M. APPEAL FROM THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MASSACHUSETTS Before Kayatta, Selya, and Barron, Circuit Judges. KANE STEPHEN MUNFORD DAVID FRIEND, Defendants. ALI ANTHONY FOLGER, Defendants, Appellees, LINDA CONNLY MARINA LEVINSON TODD KRASNOW SCOTT A. WILLIAM FENG, individually and on behalf of all others similarly situated MICHAEL RANDOLPH, derivatively on behalf of CARBONITE, INC., Plaintiffs, v. LUNA, individually and on behalf of all others similarly situated VALERIE COSGROVE, derivatively on behalf of CARBONITE, INC. 20-2110 CONSTRUCTION INDUSTRY AND LABORERS JOINT PENSION TRUST, Plaintiff, Appellant, RUBEN A. ![]() ![]() United States Court of Appeals For the First Circuit No.
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