9th Circ. Scraps Suit Over Insight Accounting Errors

Law360, New York (March 9, 2012, 7:53 PM EST) -- The Ninth Circuit on Tuesday tossed a putative class action accusing technology provider Insight Enterprises Inc. and several executives of misappropriating customer assets to inflate its financial results, agreeing with a lower court that investors failed to show conscious wrongdoing.

Tempe, Ariz.-based Insight allegedly shocked investors and the market in 2009 when the company disclosed significant errors in how it accounted for trade credits, which sent its stock price tumbling. Pension funds in the suit accused the company, which had to restate its previously reported earnings...
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