Electronics Co. Dodges Suit Over Failed $8B Merger

Law360, Los Angeles (January 17, 2014, 10:35 PM EST) -- A Washington, D.C., federal judge on Friday tossed a securities fraud class action in which shareholders accused Harman International Industries Inc. executives of propping up the company's stock price during a planned $8 billion merger, ruling they had failed to state a claim.

U.S. District Judge Rudolph Contreras said in a memorandum granting Harman's motion to dismiss the consolidated suit that the plaintiffs hadn't pled enough facts to support a strong inference that Harman executives were aware that their statements about the doomed merger were false...
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