Celera Can't Duck Shareholder Suit Over Financial Reports

Law360, New York (September 5, 2012, 3:37 PM EDT) -- A California federal judge on Tuesday denied Celera Corp.'s bid to dismiss a putative shareholder class action over the medical diagnostics company's alleged financial misstatements, ruling the plaintiffs had provided enough evidence to allow their loss causation and intentional misstatement claims to go ahead.

U.S. District Judge Edward J. Davila said the plaintiffs’ allegations, backed by confidential Celera witnesses, hadn’t directly shown Celera and its officers knew its financial statements were false. But he added that the witnesses’ background information supported a “strong inference” the company...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.