Shareholder Suit Doesn't Show Fraud: Scholastic

Law360, New York (June 21, 2008, 12:00 AM EDT) -- Children's book publisher Scholastic Corp. argued Wednesday that a proposed shareholder class action brought against the company should be dismissed because the plaintiffs have failed to show that it engaged in any fraud during the class period.

At a hearing on Scholastic’s dismissal motion before Judge George B. Daniels of the U.S. District Court for the Southern District of New York, the company laid out the reasons why the consolidated amended complaint, filed by lead plaintiff Alaska Laborers Employers Retirement Fund, should be dismissed, claiming the...
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