WebMD Ducks Investor Class Action Over Faulty Financials

Law360, New York (January 2, 2013, 7:37 PM EST) -- A New York federal judge on Wednesday tossed a consolidated class action accusing WebMD Health Corp. of hiding its deteriorating financial outlook from investors, saying the plaintiffs haven't shown the company knowingly made false or misleading statements about its finances.

Lead plaintiffs Wayne County Employees’ Retirement System and Carpenters Pension Trust Fund-Detroit and Vicinity alleged WebMD, former CEO Wayne Gattinella, current Chief Financial Officer Anthony Vuolo and Chairman Martin Wygod defrauded investors by releasing revenue forecasts they knew were inflated, then let the truth about the...
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