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Securities Suit Against Friedman Billings Dismissed

Law360, New York (March 31, 2008, 12:00 AM EDT) -- A federal court has dismissed a consolidated securities class action against Friedman, Billings, Ramsey Group Inc., ruling that the plaintiffs had failed to properly plead their claims of securities law violations stemming from the investment bank’s CompuDyne Corp. PIPE deal.

Judge Richard J. Holwell of the U.S. District Court for the Southern District of New York granted FBR’s motion to dismiss the plaintiffs’ consolidated amended complaint on Monday, but gave the plaintiffs 30 days to seek leave to replead their case.

Plaintiffs filed a series of...
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