Judge Flunks Princeton Review Investor's Stock Drop Suit

Law360, New York (March 6, 2012, 6:55 PM EST) -- A Massachusetts federal judge on Tuesday dismissed a retirement fund's class action against The Princeton Review, finding that the fund failed to prove the test preparation company omitted or misrepresented information to its investors before the stock took a dive.

The Washtenaw County Employees' Retirement System filed suit in July, claiming former CEO Michael Perik falsely touted strong earnings in 2009 as The Princeton Review planned a $48 million stock sale.

After posting multimillion-dollar losses in consecutive years, Perik allegedly told investors in November 2009 that...
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