$1B VeriFone Shareholder Class Action Tossed

Law360, New York (August 27, 2010, 5:22 PM EDT) -- A federal judge has dismissed a suit against electronic payment giant VeriFone Holdings Inc., ruling that its board of directors was not responsible for a stock plunge that stripped more than $1 billion from shareholders.

Judge Marilyn Hall Patel of the U.S. District Court for the Northern District of California said in her Aug. 25 dismissal with prejudice that the shareholders failed to show that a majority of VeriFone's board had engaged in securities fraud and insider trading or that they had breached their fiduciary duty...
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