Judge: Investors Failed To Plead Scienter, Actionable Misstatements
Mealey's (March 10, 2016, 12:27 PM EST) -- NEW YORK — Dismissal of a consolidated amended securities class action complaint against a Chinese developer and publisher of mobile games and certain of its executive officers is proper because shareholders failed to plead any actionable misrepresentations or omissions or scienter in making their federal securities law claims, a federal judge in New York ruled March 7 (In re China Mobile Games & Entertainment Group Ltd. Securities Litigation, No. 14-4471, S.D. N.Y.; 2016 U.S. Dist. LEXIS 29258).