Opinion ID: 622296
Heading Depth: 3
Heading Rank: 2

Heading: Material Statements

Text: Nonetheless, on occasion defendants' comments regarding Level 3's integration progress did cross the line from corporate optimism and puffery to objectively verifiable matters of fact. On appeal, plaintiff points to eight examples of materially false or misleading statements found in the amended complaint. Aplt. Br. at 46-47. We consider four of these statements to be particularly concrete, and thus potentially actionable. First, defendant O'Hara stated on October 17, 2006 that the majority of WilTel integration was complete, ahead of plan and under budget. JA, Vol. 1 at A53-54. Second, O'Hara also said on October 24 that [a] majority of the physical network interconnections are completed. Id. at A55. Third, on December 4, Patel claimed that on WilTel, we have generally done, substantially done, by that I mean 85%, 90% done with those efforts. Id. at A57. Fourth, in February 2007, O'Hara said, Most of the physical integration of WilTel is now complete. Id. at A63. We disagree with the district court's conclusion that these claims were merely aspirational statements [and] not material misstatements. Id., Vol. 4 at A1214. [E]ach of these statements could have, and should have had, some basis in objective and verifiable fact. Grossman, 120 F.3d at 1123.