Toshiba Can’t Shake Stock Claims Revived By 9th Circ.

Law360 (January 29, 2020, 3:55 PM EST) -- Toshiba Corp. can’t dodge shareholders’ proposed securities class action alleging the company cooked its books over six years to the tune of $2.6 billion, a California federal judge ruled Tuesday.

In his Jan. 28 order, U.S. District Judge Dean D. Pregerson denied the Tokyo-headquartered electronics conglomerate’s most recent bid to end a suit by American investors, finding the shareholders had properly shown their allegations involved domestic transactions and that the alleged fraud was sufficiently connected to their purchase of shares of the company.

Judge Pregerson was also unpersuaded by jurisdiction-related arguments that Toshiba had made seeking to end the matter, he...

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