Wesner v. UBS AG et al

Filing 191

OPINION AND ORDER re: 172 MOTION to Dismiss filed by Peter A. Wuffli, Marcel Ospel, Peter Voser, Rolf A. Meyer, Stephan Haeringer, Ernesto Bertarelli, Joerg Wolle, UBS AG, Michael Hutchins, Clive Standish, Helmut Panke, Sergio Marchionne, David S . Martin, Walter Stuerzinger, Marco Suter, John Costas, Lawrence A. Weinbach, James Stehli, Marcel Rohner, Peter Spuhler, Gabrielle Kauffman-Kohler, UBS Securities LLC, Huw Jenkins, Ramesh Singh, 169 MOTION to Dismiss the Amended Consolidated Se curities Class Action Complaint by the Underwriter Defendants' filed by J.P. Morgan Securities Ltd., Goldman Sachs International, BNP Paribas, Credit Suisse, Deutsche Bank AG, London Branch, Morgan Stanley & Co. International plc. For the r easons discussed above, the Court finds that Plaintiffs have failed to plead scienter under the Exchange Act as to the mortgage-related securities and ARS frauds and materiality as to the alleged tax fraud. The Court also finds that Alaska Laborers h as not demonstrated statutory standing under Section 12(a)(2) of the Securities Act and has failed to sufficiently allege materiality in connection with the 2008 Rights Offering. Accordingly, the Court grants both the UBS Defendants' and the Und erwriter Defendants' motions to dismiss the Amended Complaint with prejudice. The Clerk of the Court is respectfully directed to terminate the motions located at Doc. Nos. 169 and 172 and to close this case. (Signed by Judge Richard J. Sullivan on 9/28/2012) (mro)