Judge OKs Cadence's $38M Securities Action Settlement

Law360, New York (November 16, 2011, 1:33 PM EST) -- A California federal judge on Tuesday preliminarily approved a $38 million settlement in a putative securities class action accusing Cadence Design Systems Inc. of artificially inflating its value after refusing to clear the deal in August.

The suit, filed in October 2008, accuses Cadence of pumping up its value just before a stock price plunge stemming from accounting errors.

U.S. Judge Samuel Conti's order followed a more than 40-page, supplemental submission from lead plaintiff Alaska Electrical Pension Fund in September intended to address the judge's finding...
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