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...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

In re Cadence Design Systems, Inc. Securities Litigation


Case Number

3:08-cv-04966

Court

California Northern

Nature of Suit

Securities/Commodities

Judge

Samuel Conti

Date Filed

October 28, 2008

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.