Optionable Shareholders Lose Bid To Revive Action

Law360, New York (June 15, 2009, 12:00 AM EDT) -- A federal judge has refused a bid by Optionable Inc. shareholders to reconsider — in the wake of criminal and regulatory actions against the brokerage firm's executives — an order dismissing a putative securities class action related to natural gas options.

Issuing his order Monday, Judge Paul A. Crotty of the U.S. District Court for the Southern District of New York said this “newly discovered evidence” by the shareholders was not enough to reopen the case and allow for a second amended complaint.

The plaintiffs' original...
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