Scottrade Wins Restraining Order In Stock Dispute

Law360, New York (December 3, 2007, 12:00 AM EST) -- Discount broker-dealer Scottrade Inc. has won a temporary restraining order that will stop a forced buy-in of 990,000 shares of Modern Energy Corp. stock. Meanwhile, the company will investigate allegedly fraudulent activity related to Modern Energy's recent mandatory stock exchange.

“Additional time is necessary to ascertain the validity of the mandatory stock exchange and to investigate whether it may have been part of a larger scheme to unlawfully manipulate the price of Modern Energy common stock,” Judge Charles A. Shaw of the U.S. District Court for...
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