Ex-Lampoon CEO Loses Bid To Toss Investor Suit

Law360, New York (August 2, 2011, 6:12 PM EDT) -- A California federal court on Monday refused to toss a proposed shareholder class action claiming the convicted former CEO of National Lampoon masterminded an illegal stock manipulation scheme that cost investors millions of dollars.

U.S. District Judge Percy Anderson denied CEO Daniel S. Laikin’s bid to dismiss the suit, disagreeing that the plaintiffs overly rely on allegations made in the U.S. Securities and Exchange Commission's recently settled complaint against him and his former company. Laikin also claimed the complaint relies heavily on claims from the U.S....
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