Immersion Beats $300M Suit Over Pumped-Up Stock Prices

Law360, New York (December 21, 2011, 5:11 PM EST) -- A California federal judge on Friday dismissed a $300 million proposed class action claiming Immersion Corp. and several of its current and former officers inflated the technology company's stock price by fraudulently recognizing inflated and fictitious revenue on sales of medical devices.

U.S. District Judge Maxine M. Chesney said the plaintiffs, a pair of Immersion shareholders, had neglected to correct the myriad of deficiencies in amending their consolidated complaint and had not tied the company's restated financials to any securities fraud.

Deciding that the plaintiffs had...
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