FX Energy Off Hook In Shareholder Class Action

Law360, New York (June 26, 2009, 12:00 AM EDT) -- FX Energy Inc. has won its bid to dismiss a putative securities class action accusing the oil exploration company and six executives of failing to disclose what shareholders called shoddy reserve estimations and shaky finances.

Judge Clark Waddoups of the U.S. District Court for the District of Utah on Thursday granted FX Energy's motion to toss the investors' consolidated complaint, saying the plaintiffs had not adequately pleaded securities fraud.

The complaint, first filed in December 2007, alleged that Utah-based FX Energy miscalculated and misstated the promise...
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