Level 3 Officers Try To Snuff Out Shareholder Suit

Law360, New York (December 7, 2011, 9:53 PM EST) -- Directors and officers of Level 3 Communications Inc. asked a federal judge Monday to throw out a derivative suit over losses stemming from company acquisitions, saying the case suffers from the same failings as a recently dismissed securities class action against Level 3.

Brought by the Iron Workers District Council of Tennessee Valley & Vicinity Pension Plan, the derivative suit attributes a sudden drop in the company's share price in 2007 to a series of reduced earnings reports and the resignation of a chief financial officer...
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