Nike Manufacturing Contractor Beats Stock-Drop Suit For Now
Law360 (June 1, 2020, 11:04 PM EDT) -- A California federal judge dismissed a stock-drop suit accusing manufacturer Flex Ltd. of "overpromising" about an ill-fated contract it established with sneaker behemoth Nike on grounds the company's projections were statements protected by law, but she allowed investors another crack at the claims.
U.S. District Judge Lucy H. Koh on Friday found that Flex's investors, led by institutional investor the National Elevator Industry Pension Fund, did not properly support their claims that the company violated federal securities laws by failing to more fully apprise the public about Flex's foray into sneaker-making.
"Plaintiff has failed to adequately allege that any of the...
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