A federal judge has dismissed a class-action shareholders’ suit against the Piercing Pagoda chain of jewelry stores after finding the investor-plaintiffs had no proof that company officials made materially misleading statements in an effort to inflate stock prices.
Senior U.S. District Judge John P. Fullam’s six-page opinion in Buck v. Piercing Pagoda is significant if only for illustrating how powerful the new Private Securities Litigation Reform Act of 1995 will be under the interpretation it was given by the 3rd U.S. Circuit Court of Appeals in In re Advanta Corp. Securities Litigation.
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