Siemens Wins Bid To Toss Securities Class Action

Law360, New York (April 1, 2011, 9:12 PM EDT) -- Siemens AG won a bid Thursday to dismiss a securities class action alleging it made false statements about its financial condition that artificially inflated its stock price before revealing accounting losses totaling €1.1 billion ($1.5 billion).

The order, filed in the U.S. District Court for the Eastern District of New York, granted Siemens’ motion to dismiss without leave to replead.

Judge John D. Gleeson said that the plaintiffs failed to allege facts giving rise to a strong inference of scienter. The claims must be more than...
To view the full article, register now.