New Lead Plaintiff Appointed In Imax Securities Case

Law360, New York (June 30, 2009, 12:00 AM EDT) -- A federal judge has replaced the lead plaintiff in securities litigation against Imax Corp., concluding that another shareholder group is more suitable for the role because it suffered a direct loss from the movie pioneer's alleged fraud.

Judge Naomi Reice Buchwald of the U.S. District Court for the Southern District of New York on Monday granted a motion by Snow Capital Investment Partners LP to reconsider the appointment of Westchester Capital Management Inc. as the top plaintiff in the consolidated cases.

Snow Capital — an investment...
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