Securities Claims Trimmed In Stock-Drop Suit Over Backlog Misrepresentations

Mealey's (September 14, 2021, 1:51 PM EDT) -- SAN JOSE, Calif. — A federal judge in California on Sept. 10 substantially granted a motion to dismiss filed by a software provider and certain of its senior executives in a securities class action lawsuit alleging that the defendants violated federal securities laws by falsely representing the company’s backlog to inflate subsequent quarter revenue, ruling that the lead plaintiff in the action failed to sufficiently plead that most of the alleged misstatements the defendants made were materially false or misleading....

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