A federal judge has dismissed a shareholder suit alleging two top Kmart officials tried to drive down the price of the company’s stock by toying with asset values during and just after its bankruptcy reorganization.
Southern District of New York Judge Lewis A. Kaplan threw out a putative class action that claimed former Kmart board chairman Edward S. Lampert and Julian Day, the company’s former president, chief operating officer and chief executive officer, intentionally undervalued billions in real estate assets.
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