Supreme Court Will Not Hear Peregrine Case

Law360, New York (October 2, 2006, 12:00 AM EDT) -- The U.S. Supreme Court will not hear a case filed by shareholders of the now-bankrupt software company Peregrine Systems Inc. that would have determined whether the securities laws of one state apply to companies incorporated in other states.

After an accounting scandal bankrupted Peregrine in 2003, shareholders filed a suit against several of the company’s former directors, making several claims under California’s insider-trading law, since the company was headquartered there.

The shareholders claimed that since the stock trades in question were made in California for personal...
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