This was an appeal from the District Court’s order dismissing the complaint filed by individual shareholders of Valeant Pharmaceuticals Inc. as untimely. A class action was filed against Valeant on behalf of investors who purchased its stock. Appellants were putative members of that class, but rather than wait for the District Court’s decision on class certification, they filed an “opt-out” complaint bringing the same claims in their individual capacities (the “Individual Complaint”). The District Court dismissed the Individual Complaint as untimely under the applicable two-year limitations period, concluding that the tolling doctrine established in American Pipe & Construction Company v. Utah did not apply. The Third Circuit vacated and remanded, ruling American Pipe tolled the limitations period for the claims raised in the Individual Complaint.
