On January 10, 2025, the United States Court of Appeals for the Ninth Circuit Court affirmed the dismissal of a putative securities class action brought by a pension plan alleging that a hearing aid manufacturer (the “Company”) violated the Securities Act of 1933 (the “Securities Act”) by issuing a prospectus for its initial public offering (“IPO”) that allegedly included false and misleading statements regarding revenue recognition, risk factors, and potential growth. Cai v. Eargo, Inc., No. 23-3470, 3:21-cv-08597-CRB (9th Cir. Jan. 10, 2025).  Plaintiffs also alleged violations of the Securities Exchange Act of 1934 (the “Exchange Act”) based on certain post-IPO statements concerning an audit by an insurance carrier, revenue recognition, risk factors, and the Company’s growth. The Court, in an unpublished opinion, affirmed the district court’s decision dismissing the complaint (which we previously covered here) holding that the alleged misstatements were not misleading or were puffery and thus not actionable under the securities laws and that plaintiffs failed to plead facts giving rise to a strong inference of scienter.