|  | | 2007 News and Press Releases | | |
DISMISSAL NEWS:
Fogel Tosses Mercury Securities Suit
Jessie Seyfer
San Francisco Recorder. August 2, 2007
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EXCERPT: Time to throw another lawsuit on the pile of dismissed civil claims stemming from alleged stock-option backdating by former executives at Mercury Interactive. The latest ruling came Monday, when San Jose federal judge Jeremy Fogel dismissed with leave to amend a securities class action against former managers and the company — now owned by Hewlett-Packard — as overly broad. Fogel had already dismissed federal shareholder derivative claims against the company. Among the problems Fogel found with the securities complaint was that plaintiffs had inadequately argued that the defendants acted knowingly or with deliberate recklessness. Fogel also found plaintiffs hadn't stated a specific enough amount of loss that shareholders had suffered as a result of share-price drops. … Plaintiffs have 30 days to file their amended complaint. |
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