Lord Abbett Investor Suit Doomed Without Scienter

By Shannon Henson

Law360, New York (February 25, 2010, 5:51 PM ET) -- A federal judge has threatened to dismiss, unless it is quickly amended, a proposed class action accusing money management firm Lord Abbett & Co. LLC of knowing or recklessly disregarding the fact that its prospectuses omitted material information.

In an opinion filed Wednesday, Judge William J. Martini of the U.S. District Court for the District of New Jersey said he would dismiss the case, filed by Rosemarie Zavolta, in 30 days unless she files a draft of an amended complaint that makes scienter allegations consistent with...
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