With no explanation, chose the best option from "A", "B", "C" or "D". Mem. Ex. E at 41), and claims, therefore, that a reasonable investor would not rely on the specific numbers cited in the First Quarter 10-Q- The court disagrees. First, it cannot be said as a matter of law that the inaccurate downgrade collateral estimates were forward-looking. Although the calculations described Constellation’s additional collateral obligations in the hypothetical event of a credit rating downgrade, they were a snapshot of Constellation’s contractual provisions at a specific point in time. Thus, they were not simply a projection of future financial circumstances, but rather a calculation of the collateral obligations that existed for the company in the event of a downgrade as of March 31, 2008. See Berson v. Applied Signal Tech., Inc., 527 F.3d 982, 990 (9th Cir.2008) (<HOLDING>). Constellation’s argument that by the time the

A: holding that the defendants backlog was a snapshot of how much work the company has under contract right now and descriptions of the present arent forwardlooking
B: recognizing a criminal defendants right to present a complete defense
C: holding as much
D: holding that treating a defendants failure to appear as a waiver not only of the right to be present but of the right to have a hearing on the motion was error
A.