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CB&I Says No Class For Investors Over Nuke Biz Disclosures

Law360 (June 5, 2019, 2:09 PM EDT) -- Chicago Bridge & Iron Co. told a New York federal court to deny class certification to investors who claim it lied about the decline of its nuclear business, arguing the investors can't connect company price swings to the alleged misstatements.

CB&I said Tuesday that the investors shouldn't be able to pursue the claims as a class because the alleged public misstatements "had no price reaction" for the most part and that any stock price shifts didn't fundamentally change the market's understanding of the company. Without a price impact, there's no presumption of fraud on the market so each class member must...

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New York Southern

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Securities/Commodities

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Date Filed

March 2, 2017

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