Securities Action V. Halliburton Tossed

Securities Action V. Halliburton Tossed — For Now - 4/1/2009

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2009 News and Press Releases

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News	News 2009
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

DISMISSAL NEWS:

Securities Action V. Halliburton Tossed — For Now
Anne Urda

Law 360. April 1, 2009
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EXCERPT: A federal judge has tossed out a putative securities fraud class action against oil giant Halliburton Co., ruling that the plaintiffs have not met the pleading requirements yet, but leaving the door open for them to refile their charges. Judge Barbara Lynn of the U.S. District Court for the Northern District of Texas on Tuesday dismissed without prejudice the suit brought by lead plaintiff Patricia Magruder, ruling that the proposed class had failed to allege economic loss and had engaged in immaterial puffery, among other problems. “Having considered the extensive briefing, oral argument and applicable law, the court hereby grants the motions, insofar as they request dismissal of the complaint for failure to satisfy the stringent requirements for pleading an action based on securities fraud, but grants plaintiffs leave to file an amended complaint to comply with these requirements,” Judge Lynn said. The plaintiffs filed the suit over alleged securities violations occurring between Dec. 8, 2001, and July 22, 2002, accusing the company of making misleading and fraudulent statements during the time regarding asbestos litigation, the Barracuda Project and accounting practices, according to court papers. … The case is Magruder et al. vs. Halliburton Co. et al., case number 3:05-cv-1156, in the U.S. District Court for the Northern District of Texas.

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