Ex-Peregrine Execs Prevail In Shareholder Appeal

Law360, New York (March 23, 2009, 12:00 AM EDT) -- Shareholders of Peregrine Systems Inc. have lost a fight to revive their securities class action against former executives of the software maker, with a California appeals court upholding a judge's order denying their bid for additional discovery time and granting summary judgment in the defendants' favor.

The state's Court of Appeal for the Fourth Appellate District on Friday affirmed the lower court's order, saying the plaintiffs had produced no evidence that the three defendant directors knew of the accounting scandal that sent the Silicon Valley company...
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