Dismissal Of Redback Investors' Fraud Suit Upheld

Law360, New York (May 13, 2009, 12:00 AM EDT) -- A federal appeals court has upheld a lower court's decision to throw out a putative securities class action brought by Redback Networks Inc. shareholders, who accused the telecommunications company's executives of fraud involving the purchase of revenues from Qwest Communications International Inc. and others through bribery.

The U.S. Court of Appeals for the Ninth Circuit on Monday affirmed a 2007 decision by the U.S. District Court for the Northern District of California dismissing the plaintiffs' complaint for failure to state a claim on which relief can...
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