Shareholder Plaintiffs Drop Inphonic Securities Suit

Law360, New York (November 3, 2009, 5:19 PM EST) -- Plaintiffs in a securities class action claiming wireless phone seller Inphonic Inc. artificially inflated its stock price by overstating revenues and understating business expenses have voluntarily dismissed the case following the judge’s decision to dismiss several key claims.

Judge Reggie B. Walton of the U.S. District Court for the District of Columbia granted the plaintiffs’ oral motion to dismiss Monday, following Inphonic’s assertion that they lacked standing to bring the remaining claim.

Steven Toll of Cohen Milstein Sellers & Toll PLLC, counsel for the plaintiffs, said...
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