Judge Tosses Fraud Suit Against Peregrine Officials

Law360, New York (May 10, 2007, 12:00 AM EDT) -- In an upset for shareholders who lost $1.5 billion in Peregrine Systems’ alleged accounting fraud, a state judge has thrown out a suit against San Diego Padres owner John Moores and other former Peregrine board members and executives.

Judge Joan M. Lewis dismissed the suit in the San Diego Superior Court on May 2, finding that federal law bars state courts from hearing shareholder actions that are aiming to recover lost investments for more than 50 shareholders.

Lewis based her ruling on the Securities Litigation Reform...
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