The PSLRA contains a “safe harbor” provision that states that in any private action based on an untrue statement of material fact or omission of a material fact, a defendant will not be liable for making a “forward-looking statement” that is: (1) “identified as a forward-looking statement, and is accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those in the forward-looking statement”; (2) immaterial; or (3) made without actual knowledge that the statement was false or misleading. 15 U.S.C. § 78u-5(c)(l)-(2). In IBEW Local 98 Pension Fund v. Best Buy Co., No. 11-CV-00429 (D. Minn. Aug. 5, 2013), the court applied that safe harbor provision to dismiss several claims based on alleged misstatements made by Best Buy. However, the court refused to apply the provision as to several statements where Best Buy stated it was “on track to deliver and exceed” its annual EPS guidance and that its “earnings are essentially in line with our expectations for the year.” The court concluded that by the time Best Buy made these statements, the company had already confirmed how far off-track its sales and earnings actually were for the period. The statements were thus not forward-looking, and were not subject to the PSLRA’s safe harbor provision. The court went on to find that the plaintiffs had sufficiently pled scienter for claims based on these statements, and denied the defendants' motion to dismiss.