Judge Nixes Celestica Shareholder Class Action

Law360, New York (October 15, 2010, 4:16 PM EDT) -- A federal judge has tossed a proposed shareholder class action that claimed executives at electronics maker Celestica Inc. had painted an overly rosy picture of the company's financial outlook during a major corporate restructuring in order to inflate stock prices.

Judge George B. Daniels of the U.S. District Court for the Southern District of New York granted the defendants' motion to dismiss on Thursday, more than two years after the motion was filed, ruling that the plaintiffs had failed to sufficiently allege scienter.

The suit accused...
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