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Appeals Court Refuses To Reinstate Tyco Case

Law360 (September 28, 2006, 12:00 AM EDT) -- An appeals court has affirmed a lower court ruling that tossed out a shareholder class action lawsuit against Tyco International Ltd. and PricewaterhouseCoopers LLP filed in the wake of the billion-dollar accounting fraud that rocked Tyco in 2002.

The U.S. Court of Appeals for the First Circuit upheld a ruling that threw out the case on the grounds that the plaintiffs had not adequately alleged scienter under the Private Securities Litigation Reform Act.

The PSLRA mandates that a complaint must “specify each statement alleged to have...
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