While we think that the complaint could have been more artfully drafted, in light of our responsibility at this stage to construe its allegations in the light most favorable to the plaintiff, we conclude that Pinker has adequately pled reliance.
Although the complaint alleges that the March 12 “revelation ... caused the share price of Roche to drop,” this allegation lies within a section of the complaint entitled “The Truth
Begins to Emerge.” (Emphasis added). Later in the same section Pinker alleges that on May 20, 1999—a point in time
after he purchased his ADRs in Roche—Roche and a former Roche executive agreed to plead guilty to criminal antitrust charges. These allegations make clear Pinker's assertion that although the truth about Roche's anti-competitive activities might have
begun to emerge to both Pinker and the market on March 12, 1999, the full extent of Roche's illegal activities was not disclosed until May 20, 1999.