2nd Circ. Backs Dismissal Of Medis Securities Suit

Law360, New York (July 22, 2009, 7:32 PM EDT) -- A federal appeals court has affirmed the dismissal of a securities fraud suit against Medis Technologies Ltd. brought by investors alleging that a 2007 news release by the fuel cell company overstated its relationship with Microsoft Corp., briefly driving up the price of Medis stock.

The U.S. Court of Appeals for the Second Circuit ruled Tuesday that Judge Paul Crotty of the U.S. District Court for the Southern District of New York did not err when he dismissed the suit in August 2008 for failing to...
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