Law360, New York (October 28, 2011, 3:44 PM EDT) -- An Arizona federal judge on Thursday tossed a consolidated class action alleging the operator of the University of Phoenix hid from investors shady recruiting practices that caused the company's stock price to tank, saying the complaint didn't meet the necessary pleading standards.
“The court finds that plaintiffs have failed to plead a cogent and compelling theory of scienter and failed to satisfy loss causation pleading requirements,” U.S. District Judge James A. Tielborg wrote.
The plaintiffs — led by the Oregon Public Employees Retirement Fund, Britain's Mineworkers'...
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