Deloitte Released From Longtop Securities Class Action

Law360, New York (April 8, 2013, 8:16 PM EDT) -- A New York federal judge Monday tossed Deloitte Touche Tohmatsu CPA Ltd. as a defendant in a proposed class action accusing Hong Kong-based financial services software developer Longtop Financial Technologies Ltd. of lying to investors and exaggerating the size of its profit margins.

U.S. District Judge Shira A. Scheindlin said that lead plaintiff Danske Invest Management A/S had failed to sufficiently allege that Deloitte violated federal securities laws in signing off on Longtop accounts between June 2009 and May 2011.

Judge Scheindlin said the amended complaint...
To view the full article, register now.