On September 29, 2022, the First Department issued a decision in Beckman Coulter, Inc. v. Jabil Circuit Inc., 2022 NY Slip Op. 05367, holding that conclusory allegations that financial statements were falsified are an insufficient basis for a fraud claim, explaining:
The court correctly dismissed the fraud counterclaims to the extent they are premised on alleged misrepresentations. As the court found, counterclaim plaintiffs Jabil Circuit Inc. and Nypro Inc. (together, Jabil) fail to allege any actionable misrepresentations of material fact. The counterclaims do not actually allege that the historical profit/loss statements or other financial information was falsified or inaccurate. Even if the counterclaim allegation that D&B concealed their actual revenue figures and financials implies that the disclosed information was falsified or inaccurate, this is a conclusory, speculative allegation that does not satisfy the fraud pleading requirement, as the other material facts alleged in the complaint, in light of the surrounding circumstances, are not sufficient to permit a reasonable inference that the figures disclosed were, in fact, falsified and that the true figures were kept hidden. In addition, contractual disclaimers, including paragraph 30 of the Master Service Agreement, preclude the fraud claims based on alleged revenue and demand misrepresentations, as Jabil expressly represented that it was entering the deal without relying on any of D&B’s pre-contractual representations with respect to those issues.
(Internal quotations and citations omitted) (emphasis added).