In May 2020, defendant announced that it had developed a potential cure for COVID-19 which had shown promising results in in vitro tests. Defendant’s stock soared for about a week after the announcement, after which less rosy reports were issued and the stock fell back down again. This decision affirms dismissal of a 10b-5 claim against defendant. Its announcement did not promise a 100% cure as plaintiffs asserted. By disclosing positive result in in vitro tests, the defendant showed that more testing would be needed to gain FDA approval, so the cure, if any, was not a sure thing. Also, there was no evidence of scienter. The company’s executives didn’t have inside knowledge of undisclosed facts. They only knew the published fact of successful in vitro testing. There was no other evidence from which to infer scienter.