VeriFone Investor, Derivative Suits Down But Not Out

Law360, New York (May 26, 2009, 12:00 AM EDT) -- In a one fell swoop, a federal judge has tossed a consolidated shareholder suit against VeriFone Holdings Inc. as well as derivative claims against certain executives, though the plaintiffs have been given leave to amend allegations of securities fraud, breach of duty and insider trading.

Judge Marilyn Hall Patel of the U.S. District Court for the Northern District of California on Tuesday ruled that both the consolidated shareholder complaint and the derivative complaint failed to adequately argue that the VeriFone defendants deliberately overstated the company’s profits...
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