Law360, New York (September 05, 2012, 3:37 PM ET) -- A California federal judge on Tuesday denied Celera Corp.'s bid to dismiss a putative shareholder class action over the medical diagnostics company's alleged financial misstatements, ruling the plaintiffs had provided enough evidence to allow their loss causation and intentional misstatement claims to go ahead.
U.S. District Judge Edward J. Davila said the plaintiffs’ allegations, backed by confidential Celera witnesses, hadn’t directly shown Celera and its officers knew its financial statements were false. But he added that the witnesses’ background information supported a “strong inference” the company...
Celera Can't Duck Shareholder Suit Over Financial Reports
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