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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Charles R who wrote (77764)	10/29/1999 1:56:00 PM
From: Goutam	Respond to of 1577893

Chuck, This is some what a good news for AMD [pasted only some pertinent pieces from the article ] -- news.cnet.com ________________ Federal appeals court tosses out SGI case By Reuters, Special to CNET News.com, October 29, 1999, 5:15 a.m. PT SAN FRANCISCO--A federal appeals court has refused to reconsider a class-action lawsuit against Silicon Graphics, reaffirming a decision that could make it harder for investors to bring suits alleging stock market fraud. The decision, handed down late Wednesday by the 9th Circuit Court of Appeals in San Francisco, could also mean that dozens of cases now pending against high-technology firms might be tossed out, said Bruce Vanyo, an attorney who represented Silicon Graphics. ... CUT ... That ruling held that under the Private Securities Litigation Reform Act, shareholders who claimed they lost money because of false and misleading information issued by a company must allege there was conscious behavior by the company and must infer strongly that the company made knowing misrepresentations. Those standards are more difficult for shareholder plaintiffs to prove than claiming misrepresentations were the result merely of reckless behavior by the companies, which had been sufficient grounds for plaintiffs to prevail. ... CUT ... news.cnet.com ________________ Goutama