Retek Prevails In 7-Year-Old Shareholder Class Action

Retek Prevails In 7-Year-Old Shareholder Class Action - 4/1/2009

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2009 News and Press Releases

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

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Retek Prevails In 7-Year-Old Shareholder Class Action
Christine Caulfield

Law 360. April 1, 2009
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EXCERPT: Software developer Retek Inc. has won summary judgment in a long-running securities class action that alleged the company misled shareholders about the value of deals and reported millions of dollars in unrealized revenue in its financial statements. In an order Tuesday, Judge John Tunheim of the U.S. District Court for the District of Minnesota dismissed the seven-year-old action against Retek and five senior executives, saying the plaintiff investors had establish no link between the defendants' alleged misrepresentations and losses caused by a drop in the company's stock price. “Retek's motion for summary judgment is granted in all respects because plaintiffs have failed to produce evidence such that there is a triable fact question for the jury on loss causation,” Judge Tunheim said. Furthermore, because the plaintiffs had not satisfied their burden of showing that the company's alleged misrepresentations caused their losses, they could not establish any primary violation or violator, the judge said in granting the individual defendants their motions for summary judgment. … The case is In re: Retek Inc. Securities Litigation, case number 2002-cv-04209, in the U.S. District Court for the District of Minnesota.

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