assertions regarding improper revenue recognition are all derived from contentions the court has already found inadequate to plead scienter. Under the rubric of failure adequately to reserve for uncollectible receivables, plaintiffs add the new allegation in their amended complaint that “[m]uch of the bad debt write-off at December 31, 1996 was apparently attributed to acquisition markets, in particular the Austin market.” Am.Compl. ¶ 15(h) (emphasis added). They also assert that Heartland “had millions of dollars worth of systems equipment at the premises of customers who had stopped paying for [Heartland’s] services.” Id. ¶ 15(j). Obviously, plaintiffs’ reliance upon what “apparently” occurred at December 31, 1996 is speculative and thus inadequate. See Phillips, 190 F.3d at 623 (<HOLDING>). Their assertion that Heartland had millions
holding speculation insufficient to avoid summary judgment holding expert testimony remedies speculation by the court holding that securities fraud claims cannot rest on speculation and conclusory allegations holding that causation cannot be proved based on speculation holding that court may not accept claims of fraud based on speculation