Circuit Affirms Dismissal Of ATSI Short-Selling Suit

Law360, New York (July 13, 2007, 12:00 AM EDT) -- An appellate court has affirmed the dismissal of charges of fraudulent short-selling filed by international telecommunications company ATSI Communications Inc. against several financial companies.

The U.S. Court of Appeals for the Second Circuit on Wednesday affirmed a February 2005 district court decision to throw out ATSI's lawsuits for failing to satisfy the pleading requirements of the federal rules of civil procedure and the Private Securities Litigation Reform Act.

ATSI claimed that the defendants, including the Shaar Fund Ltd., Rose Glen Capital Management LP and Levinson Capital...
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