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This decision represents the most recent effort by the Eleventh Circuit to apply the heightened pleading requirements of the Private Securities Litigation Reform Act of 1995 (“Reform Act”) and the Supreme Court’s decision in Tellabs, Inc. Plaintiffs alleged that Jabil issued stock options to executives and employees that were “backdated,” such that their exercise or strike prices were lower than the market price of Jabil’s stock on the true dates of their issuance. On appeal, the Court took a slightly broader view of plaintiffs’ allegations, but nonetheless affirmed the dismissal of the amended complaint.