3rd Circ. Nixes Fraud Suit Over Horizon Price-Fixing Plot

Law360, New York (August 24, 2011, 7:05 PM EDT) -- The Third Circuit on Wednesday upheld the dismissal of a putative class action over allegations that Horizon Lines Inc.'s stock price fell after a price-fixing scheme in the shipping company's Puerto Rico business came to light.

The suit, filed on behalf of common-stock holders, accused Horizon and its top brass of making false and misleading statements, and concealing a cartel with Puerto Rican competitors, which came to light in April 2008 when Horizon admitted to being the target of a U.S. Department of Justice probe....
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