10th Circ. Boots Out Investor Suit Against Level 3

Law360, New York (February 6, 2012, 9:01 PM EST) -- The Tenth Circuit on Monday affirmed a lower court’s decision to toss a consolidated class action accusing Level 3 Communications Inc. of misleading investors about its progress in the integration of newly acquired companies and causing a nearly $1.8 billion market capitalization loss.

A three-judge panel agreed with the December 2010 decision by a Colorado federal court that the plaintiffs had not adequately shown that the company and its directors, also named as defendants in the suit, had made positive statements about the progress of the...
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