Law360, New York (January 5, 2007, 12:00 AM EST) -- A district court judge has dismissed several claims in a securities class action suit that accuses software developer Retek Inc. of misleading investors.
Minnesota District Court Judge John R. Tunheim dismissed charges Wednesday that a negative sales trend made it fraudulent for Retek to make optimistic statements about the company. He also threw out claims that Retek did not report difficulties in a deal with American Online Inc.
However, Tunheim sustained allegations regarding misinformation about deferred revenue and failed deals with IBM Corp. and A&P....
Judge Dismisses Claims In Retek Class Action
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