Today, the Fifth Circuit upheld dismissal of a securities fraud complaint for failure to plead facts sufficient to raise a "strong inference of scienter" — that the bad guys intended to defraud purchasers of stock. The court considered an array of allegations but found each of them individually and and all of them collectively too thin for a reasonable person to infer scienter strongly, as the Private Securities Litigation Reform Act requires. Central Laborers’ Pension Fund v. Integrated Elec. Svcs. Inc., No 06-20135 (5th Cir. Aug. 21, 2007).