Performance Sports Execs Must Face Securities Fraud Suit
By Reenat Sinay (April 15, 2020, 5:09 PM EDT) -- Two former Performance Sports Group executives can't dodge a proposed securities class action accusing them of misleading shareholders about sketchy sales tactics that bankrupted the sports gear manufacturer after a New York federal judge ruled that alleged misstatements were plausibly misleading.
U.S. District Judge Gregory H. Woods rejected the dismissal bid by ex-CEO Kevin Davis and former Chief Financial Officer Amir Rosenthal on Tuesday, finding that shareholders in the now-defunct PSG provided detailed arguments showing how the two former executives purportedly led the company into ruin.
Led by the Plumbers & Pipefitters National Pension Fund, the investors alleged that under Davis...
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