Elements Of Securities Fraud Claims Not Met In Stock-Drop Lawsuit, Judge Rules

Mealey's (November 13, 2020, 10:59 AM EST) -- SAN FRANCISCO — A federal judge in California on Nov. 9 ruled that dismissal of federal securities law claims in a securities class action against a customer service software company and certain of its senior executives stemming from the defendants’ alleged misrepresentations pertaining to the company’s financial condition in its European, African and Asian markets and data breach is warranted because the lead plaintiff failed to sufficiently plead any material misstatement or omission or scienter in making its federal securities law claims (Charles Reidinger v. Zendesk Inc., et al., No. 19-6968, N.D. Calif., 2020 U.S. Dist. LEXIS 209548)....