Judge Denies Sprint's Bid To Toss Shareholder Suit

Law360, New York (January 25, 2008, 12:00 AM EST) -- Sprint Corp. has lost a second attempt to dismiss a securities fraud action over a tax shelter scheme, with a federal judge ruling that the lawsuit satisfied the court's heightened pleading standard.

In an opinion issued Wednesday, Judge John Lungstrum of the U.S. District Court for the District of Kansas said the shareholder plaintiffs had put forward a sufficient case that Sprint deliberately misled investors when it knew, but failed to disclose, that its top two executives could lose their jobs in the wake of the...
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