Shareholder Suit Doesn't Pass PSLRA Muster: Sprint

Law360, New York (October 6, 2009, 6:46 PM EDT) -- Sprint Nextel Corp. has asked a judge to dismiss a suit accusing it and several former executives of lying about the company's financial health after a 2005 merger, contending that the claims don't meet the heightened pleading standards imposed by the Private Securities Litigation Reform Act.

The company filed the motion to dismiss a 101-page consolidated amended complaint Monday in the U.S. District Court for the District of Kansas, saying it is just the type of suit that the PSLRA was passed to curb.

Shareholders, led...
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