8th Circ. Puts Kibosh On NVE Shareholders' Fraud Suit

Law360, New York (May 30, 2008, 12:00 AM EDT) -- An appeals court has affirmed the dismissal of a shareholder class action accusing nanotechnology company NVE Corp. of misrepresenting its intellectual property in a scheme to defraud investors.

The U.S. Court of Appeals for the Eighth Circuit ruled on Friday that the shareholders' complaint did not satisfy the pleading requirements for falsity, scienter and materiality under the Private Securities Litigation Reform Act.

The court also denied the shareholders' claims that the district court erred in denying their request to amend their complaint since the deadline for...
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