Deloitte & Touche has won dismissal from a securities class action stemming from disclosures that Livent Inc., the Canadian-based theatrical production company, used accounting artifices to overstate its income by more than $98 million (in Canadian dollars) over three years.
Southern District Judge Robert W. Sweet similarly dismissed damage claims for securities fraud against three outside directors of Livent, but ruled that the class action could proceed against four of the company’s executives, including the two men who founded Livent in 1989, Garth H. Drabinsky and Myron Gottlieb.
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