|  | | 2008 News and Press Releases | | |
DISMISSAL NEWS:
Optionable Shareholder Suit Dead In The Water
Christine Caulfield
Securities Law 360. October 22, 2008
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EXCERPT: A federal judge overseeing shareholder litigation against Optionable Inc. has dismissed the suit after denying a bid by the lead plaintiffs to examine a Deloitte & Touche LLP report they argued was crucial to their case against the energy derivatives brokerage. Issuing his order Monday, Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York said he saw no merit in the plaintiffs' motion to partially lift the discovery stay, which had, at any rate, been filed late. The lead plaintiff, KLD Investment Management LLC, asked the judge for relief from the stay two weeks ago, saying the auditor's report would form the cornerstone of a revamped complaint. The original complaint accused Optionable of hiding improper deals with its largest client, Bank of Montreal. KLD had been granted time to seek leave to file an amended lawsuit after Judge Kaplan dismissed its initial complaint on Sept. 15 for lack of proof of fraud. But it had only until Oct. 6 to seek the leave, and did not seek to lift the stay until Oct. 8, the judge said. … The case is In re: Optionable Securities Litigation, case number 1:07-cv-03753, in the U.S. District Court for the Southern District of New York. |
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