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Federal Judge Tosses Mercury Securities Suit

Publication Date: 
August 02, 2007
Source: 
The Recorder
Author: 
Jessie Seyfer

The Recorder reports that Lecturer in Law Judge Jeremy Fogel dismissed a securities class action law suit "stemming from alleged stock option back-dating":

Though Fogel declined to determine who was right about the stock-price reaction, he found that the plaintiffs should have included more information.

"Lead plaintiff either should omit this disclosure from an amended complaint or plead it with more contextual facts," Fogel wrote. "It is not in the interest of judicial economy to encourage artful pleading of claims that will be subject to summary adjudication."

 

...

Fogel also found that the plaintiffs' complaint should have left out shareholders who held Mercury stock before September 2001, because the statute of limitations on their allegations had passed.