Retek Prevails In 7-Year-Old Shareholder Class Action

Law360, New York (April 1, 2009, 12:00 AM EDT) -- Software developer Retek Inc. has won summary judgment in a long-running securities class action that alleged the company misled shareholders about the value of deals and reported millions of dollars in unrealized revenue in its financial statements.

In an order Tuesday, Judge John Tunheim of the U.S. District Court for the District of Minnesota dismissed the seven-year-old action against Retek and five senior executives, saying the plaintiff investors had establish no link between the defendants' alleged misrepresentations and losses caused by a drop in the company's...
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