Electronics Co. Dodges Suit Over Failed $8B Merger

Law360, Los Angeles (January 17, 2014, 10:35 PM EST) -- A Washington, D.C., federal judge on Friday tossed a securities fraud class action in which shareholders accused Harman International Industries Inc. executives of propping up the company's stock price during a planned $8 billion merger, ruling they had failed to state a claim.

U.S. District Judge Rudolph Contreras said in a memorandum granting Harman's motion to dismiss the consolidated suit that the plaintiffs hadn't pled enough facts to support a strong inference that Harman executives were aware that their statements about the doomed merger were false...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

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.