Judge Tosses Vodafone Securities Class Action

Law360, New York (December 1, 2008, 12:00 AM EST) -- A federal judge has pulled the plug on a proposed securities class action against Vodafone Group PLC, tossing allegations that the telecommunications company’s brass launched a global scheme to defraud investors and cashed in on inflated share prices.

Citing a lack of jurisdiction, Judge P. Kevin Castel of the U.S. District Court for the Southern District of New York on Wednesday dismissed allegations that Vodafone exaggerated its financial results, allowing the company’s management to reap $29 million in stock sales before disclosing the true condition of...
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