Law360, New York (July 6, 2010, 4:51 PM EDT) -- A judge has given preliminary approval to a $3 million settlement that would resolve a securities class action brought by ShoreTel Inc. investors who said the company and underwriter J.P. Morgan Securities Inc. issued a misleading registration statement in connection with a 2007 initial public offering.
Judge Charles R. Breyer of the U.S. District Court for the Northern District of California signed off on the deal Friday and certified the class for settlement purposes. He scheduled a settlement fairness hearing for Oct. 15.
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.