Lack Of Misstatements, Scienter Doom Shareholder Claims In Stock-Drop Suit

Mealey's (December 22, 2021, 8:56 AM EST) -- SAN FRANCISCO — A federal judge in California on Dec. 20 dismissed shareholder claims in a securities class action against a company and certain of its current and former senior executives alleging that the defendants concealed that its revenues and profits had been diverted to “undisclosed related parties,” ruling that a lead plaintiff failed to sufficiently plead any material misstatement or omission or scienter in making his federal securities law claims....