On October 7th, a federal district court held that plaintiffs stated a securities fraud claim. Plaintiffs, shareholders in defendant, alleged defendant failed to adequately disclose its investment in Lehman Brothers issued auction rate securities. Partially denying motions to dismiss, the Court held that plaintiffs adequately pleaded that defendant should have written down its ARS holdings three months earlier. CLAL Financial Batucha Investment Mgmt, Ltd. v. Perrigo Co.