It looks like he was still trying to pull it in when Moreau got his hand in there to pull Meredith's arm away. Good timing by Moreau. It probably could have been called an incomplete pass just as easily.

This is one that even with my Saints glasses on I did not have a problem with them calling it a fumble. If the score was a little closer though I would've been cussing at the T.V and calling the refs cheaters.