Scholastic Hit With Proposed Shareholder Class Action

Law360, New York (September 24, 2007, 12:00 AM EDT) -- Scholastic, publisher of children's books, including the Harry Potter series, faces a proposed class action lawsuit alleging it misled shareholders about its financial status.

Paul Baicu filed a lawsuit last week in the U.S. District Court for the Southern District of New York against Scholastic Corp. and its CEO Richard Robinson and CFO Mary A. Winston.

The suit seeks a class of everyone who bought common stock of Scholastic between March 18, 2005, and March 23, 2006.

The suit alleges that Scholastic failed to disclose that...
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