3rd Circ. Asked To Revive Kid Brands Import Fee Action
Law360, Los Angeles (April 16, 2013, 5:32 PM EDT) -- A stock market investor asked the Third Circuit on Monday to revive his putative securities fraud class action accusing Kid Brands Inc. of concealing underpayments of import duties by its subsidiaries, arguing that a trial judge erroneously ruled the complaint didn't adequately plead knowledge of wrongdoing by company executives.
The complaint had named Kid Brands President and CEO Bruce Crain and Chief Accounting Officer Guy Paglinco as defendants along with the company, but U.S. District Judge Jose L. Linares of the District of New Jersey ruled that the investors had failed to claim there was any bad intent behind the directors'...
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