Sears Prevails In Kmart Real Estate Securities Suit

Law360, New York (April 7, 2010, 12:41 PM EDT) -- A federal appeals court has let Sears Holding Corp. off the hook for claims that it and two executives drove down the stock prices of its acquisition of Kmart Holding Corp. by concealing the true value of the company’s real estate assets.

The lower court correctly ruled that lead plaintiffs the Plumbers and Pipefitters National Pension Fund and the Mississippi Public Employees Retirement System did not sufficiently allege scienter or meet pleading requirements, a three-judge panel of the U.S. Court of Appeals for the Second Circuit...
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