Delta Petroleum Execs Shake Securities Fraud Class Action

Law360, New York (October 02, 2013, 7:12 PM ET) -- Delta Petroleum Corp. dodged on Monday a proposed shareholder class action that accused the now bankrupt oil and gas company’s top executives of defrauding investors by misrepresenting Delta’s financial position so as to artificially inflate stock prices.

U.S. District Judge Christine Arguello dismissed the case Monday, saying the suit failed to specifically identify how statements made by the executives were false or could have misled a reasonable investor, according to the order.

“A corporation’s self-praise about its business strategy plays no serious role in market participants’...
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