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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.