Securities Suit Over Orion IPO Survives Dismissal Bid

Law360, New York (August 21, 2009, 4:48 PM EDT) -- A federal judge has kept alive a putative securities class action stemming from the 2007 initial public offering for Orion Energy Systems Inc., though dismissed a portion of the claims.

Judge Richard J. Sullivan of the U.S. District Court for the Southern District of New York on Thursday found that lead plaintiff Iron Workers Local No. 25 Pension Fund could proceed based on allegations that the company's prospectus and registration statement failed to disclose certain information.

According to the suit, the documents failed to mention that...
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