AOL Ducks Fraud Suit Over $1B Patent Sale

Law360, Los Angeles (August 19, 2013, 9:48 PM EDT) -- A New York federal judge on Monday tossed a consolidated securities class action suit claiming AOL Inc. bought millions of its own shares at artificially depressed prices before announcing a $1 billion patent sale, saying the plaintiffs' claims amount to little more than an unsubstantiated conspiracy theory.

U.S. District Judge Denise Cote granted AOL's motion to dismiss the suit, agreeing the complaint failed to provide evidence of fraud and merely relied on allegations by Silicon Valley blogger Marc Stephens, who speculated in a post to his popular tech blog "I, Cringely" that...
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