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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.