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http://nycourts.law.com/CourtDocumentViewer.asp?view=Document&docID=46456 Judge Koeltl IN AN amended consolidated class action complaint, plaintiffs alleged violations of federal securities laws arising out of allegedly false and misleading public statements made by defendant company regarding the performance and financial condition of a telecommunications company in which plaintiff had heavily invested. The lead plaintiff sued on behalf of himself and others who purchased shares of plaintiff’s stock at a certain time. The court granted defendants’ motion to dismiss, finding that plaintiffs failed to allege motive sufficiently to establish scienter since they did not allege a personal and concrete benefit that the defendants realized from the alleged fraud. In addition, defendants’ statements concerning the actual and projected number of the telecommunications company’s subscribers are not sufficient circumstantial evidence of conscious misbehavior or recklessness by defendants such that the statements raise a strong inference of fraudulent intent.

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