prudent trustee would operate.” Moench, 62 F.3d at 671. 4. Does the Complaint Survive the Presumption? Having concluded that the presumption applies on these motions to dismiss, the next inquiry is whether the facts alleged by Plaintiffs suffice to state a claim. Most courts that have considered what allegations are sufficient to state a claim in this context have concluded that allegations of a dramatic drop in share price can suffice. Although a company need not “be on the brink of bankruptcy before a fiduciary is required to divest a plan of employer securities,” Avaya, 503 F.3d at 349 n. 13, Plaintiffs’ allegations of a 64% drop in share price, while significant, does not amount to the sort of catastrophic decline necessary to rebut the presumption. See Wright, 360 F.3d at 1096-98 (<HOLDING>); Kwper, 66 F.3d at 1451 (holding that an 80%
holding that a 75 drop in share price is insufficient to overcome the presumption holding evidence insufficient to overcome presumption of correctness holding that an 80 drop is insufficient holding that plaintiffs testimony is insufficient to overcome presumption of accuracy for social security earnings records recognizing presumption and finding that it was overcome