CornerStone Decision Reinforces Dura Precedent

Law360, New York (May 12, 2006, 12:00 AM EDT) -- In one of the first applications of the Supreme Court’s landmark ruling in the Dura Pharmaceuticals case related to class certification, a federal court has pared down the proposed class in the CornerStone Propane Partners securities litigation.

Shareholders had brought the suit against CornerStone alleging that between 1998 and 2001, the company had disseminated false and misleading statements to investors to hide its true financial situation.

In July 2001, CornerStone released a statement acknowledging its financial instability and subsequently made several financial restatements, which were followed...
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