15 U.S.C. § 78u-4(b)(3)(A). Scienter can be established by demonstrating the intent to deceive, manipulate, or defraud. Ernst & Ernst v. Hochfelder, 425 U.S. 185, 193 n. 12, 96 S.Ct. 1375, 47 L.Ed.2d 668 (1976). For PSLRA purposes, plaintiffs may establish scienter by demonstrating either intent or severe recklessness. See Nathenson, 267 F.3d at 408 (defining severe recklessness as highly unreasonable omissions or misrepresentations demonstrating an extreme departure from standards of ordinary care). Circumstantial evidence can support a scienter inference. Id. Plaintiffs fail to satisfy the PSLRA’s pleading requirements. Accordingly, their complaint was properly dismissed. 1. First, the district court correctly rejected group-pleading allegations. Southland, 365 F.3d at 364-65 (<HOLDING>). For the claimed fraud, Plaintiffs must
recognizing doctrine holding that doctrine does not violate due process holding that jurisdiction must be resolved before applying the act of state doctrine because that doctrine is a substantive rule of law holding that nothing in the pslra has altered that doctrine holding pslra abolished grouppleading doctrine