5th Circ. Revives Shareholder Suit V. Unwired, Execs

Law360, New York (April 9, 2009, 12:00 AM EDT) -- A circuit court has partly reversed a lower court's dismissal of a putative class action alleging that material misrepresentations by U.S. Unwired Inc. and its directors wrongfully inflated, then contributed to a drop in the company's stock price, saying the plaintiffs successfully pled loss causation on some claims.

The U.S. Court of Appeals for the Fifth Circuit on Thursday remanded the case to the U.S. District Court for the Eastern District of Louisiana, saying the lower court had wrongly dismissed claims alleging that misrepresentations by U.S....
To view the full article, register now.