Judge Pares Inphonic Securities Class Action

Law360, New York (October 13, 2009, 1:24 PM EDT) -- A federal judge has whittled down several claims from a securities class action brought against wireless phone seller Inphonic Inc. claiming the company artificially inflated its stock price by overstating revenues and understating business expenses.

Judge Reggie Walton of the U.S. District Court for the District of Columbia preserved the plaintiffs' claim that Inphonic had misleadingly represented that it received a $5 million investment from wireless supply-chain operator Brightstar Inc., but dismissed all other claims, saying they did not adequately plead a strong inference of scienter...
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