A federal court on April 3 remanded Emulex shareholders’ lawsuit against an online publisher to state court after finding that plaintiffs’ claims — which are wholly under state law — are not preempted by the 1998 federal securities law amendments (Simon v. Internet Wire, No. CV-00-13195, C.D. Calif.).
Judge Consuelo B. Marshall acted on a motion to remand by Steven A. Simon and other shareholders, who say that Internet Wire’s failure to check the source of a negative, false press release caused a loss in share prices.
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