Toll Brothers To Face Securities Fraud Suit

Law360, New York (September 3, 2008, 12:00 AM EDT) -- Shareholders of luxury homebuilder Toll Brothers Inc. were given a green light to press ahead in a purported securities fraud class action accusing the company and several of its officers and directors of making material misrepresentations that caused the company's stock value to drop by 43 percent in a matter of months.

On Friday, Judge James T. Giles of the U.S. District Court for the Eastern District of Pennsylvania denied the defendants' motion to dismiss, ruling that the plaintiffs — The City of Hialeah Employees' Retirement...
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