To the rescue…
Wednesday, January 23rd, 2008
In its most important decision on securities litigation in more than a decade, the Supreme Court ruled that investors who have been defrauded by a company could not sue third parties, such as IR firms, banks and suppliers, unless they had relied directly on the parties’ advice when making their investment. The court said that such lawsuits allowed “plaintiffs with weak claims to extort settlements from innocent companies.”
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