Judge Tosses Securities Class Action Against Sierra

Law360, New York (April 19, 2007, 12:00 AM EDT) -- A judge has dismissed a shareholder class action against modem manufacturer Sierra Wireless, ruling investors who lost money when the stock nosedived failed to prove the company deceived them.

Granting a motion by the Canadian telecommunications company to dismiss the multi-district litigation, Judge Sidney Stein said Wednesday there was no proof to substantiate the shareholders’ allegations that Sierra and its executives engaged in a scheme to mislead potential investors.

Stein said the shareholders, which included the National Elevator Industry Pension Plan, had not specified how the...
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