Last Securities Lawsuit Against Cray Dismissed

Law360, New York (November 2, 2006, 12:00 AM EST) -- A state judge Wednesday dismissed the last of the pending securities litigation involving supercomputer company Cray Inc. in regards to internal control issues and allegations of insider trading and misleading shareholders in inaccurate press releases.

The case, a consolidated derivative action, was dismissed without prejudice, the company said. It did not make any concessions to end the suit.

The lawsuit was the last of three suits against Cray and its directors and officers to be dismissed.

The derivative action was a consolidation of two state court...
To view the full article, register now.