Investors' Securities Fraud Class Claims Fall Short In Pa.

Law360 (October 10, 2019, 8:08 PM EDT) -- A Pennsylvania federal judge on Wednesday axed a proposed securities class action against a semiconductor manufacturer after finding that investors failed to allege the company and a top executive had knowingly made misleading statements in financial disclosures.

U.S. District Judge C. Darnell Jones II ruled against the would-be class of investors, who claim that Kulicke and Soffa Industries Inc.'s stock value was artificially inflated as a result of its failure to discover misappropriations they believe were made by ex-CFO Jonathan Chou. The judge said the investors failed to allege that either Chou or the company had acted with knowledge of wrongdoing...

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