Mercury Secures Dismissal Of Shareholder Suit

Law360, New York (July 31, 2007, 12:00 AM EDT) -- Mercury Interactive Corp. has won a motion to dismiss a purported securities class action brought by shareholders accusing the software provider and its officers of taking part in an options backdating scheme.

Judge Jeremy Fogel threw out the case Monday with leave to amend, finding that the plaintiffs were unable to show scienter against Mercury, four company officers and three members of the compensation committee.

“Because the complaint contains insufficient allegations that the various defendants’ contributions to the overall scheme had a deceptive purpose and effect,...
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