The 9th U.S. Circuit Court of Appeals on Thursday reinstated a shareholders' class action against Valence Technology Inc., a battery manufacturer sued for stock fraud. Berry v. Valence Technology was brought in May 1994, but a federal judge ruled that since Forbes magazine had published a story critical of the company in Feb. 1993, the one-year statute of limitations for the suit had expired. The circuit said the story wasn't that detailed and had little effect on the company's stock price.
April 30, 1999 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Ninth Circuit U.S. Court of Appeals on Thursday reinstated a shareholders class action against Valence Technology Inc., a battery manufacturer sued for stock fraud.
In doing so, the circuit reversed a decision by San Jose U.S. District Judge James Ware, who dismissed the suit in 1997. Ware had ruled that the suit was filed after the statute of limitations had expired.
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