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Technology Stocks : Brightpoint - CELL
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To: Lee Ring who wrote (1743)7/6/1999 3:01:00 PM
From: Lee Ring  Read Replies (1) of 1999
 
SAN FRANCISCO (AP) - In a victory for high-technology companies and others facing securities fraud suits, a federal appeals court ruled Friday that such suits must be dismissed at the outset unless they contain detailed evidence of deliberate fraud. In a 2-1 ruling, the 9th U.S. Circuit Court of Appeals said a business-sponsored 1995 federal law, passed over President Clinton's veto, was intended to set a strict standard to discourage meritless suits. That means a suit, when filed, must allege "in the greatest detail possible" what company officials knew, and how they knew it, when they made the statements that were the basis of the fraud claims, the court said. Stockholders' lawyers said they would appeal.
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