Judge: Investor Failed To Plead Elements Of Securities Law Claims

Mealey's (May 26, 2016, 2:08 PM EDT) -- NEW YORK — Dismissal of claims against an independent auditor in a securities class action lawsuit is proper, a federal judge in New York ruled May 24, because the lead plaintiff in the action failed to plead a material misrepresentation, falsity or scienter in making his federal securities law claims (In re Poseidon Concepts Securities Litigation, No. 13-1213, S.D. N.Y.; 2016 U.S. Dist. LEXIS 68127).

(Opinion available. Document #57-160620-033Z.)

Lead plaintiff Gerald Kolar filed a third amended complaint (TAC) in the U.S. District Court for the...
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