Law360, Los Angeles (August 9, 2013, 10:46 PM EDT) -- A California federal judge denied a proposed class action against Hewlett Packard Co. over former CEO Mark Hurd's behavior in the lead-up to his high-profile exit from HP, ruling Friday that a pension fund failed to satisfy materiality requirements for a securities fraud claim.
The judge said that it was irrelevant whether Hurd knowingly violated HP's standards of business conduct when the company revised them after a 2006 scandal involving information leaks, because SBCs are "inactionable puffery."
Lead plaintiff Cement & Concrete Workers District Council Pension...
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.