The Supreme Court has agreed to consider a case that could make it more difficult for stockholders to pursue allegations of securities fraud. The suit charges that Tellabs Inc. and some of its officers and directors inflated the company's stock price. Tellabs' lawyers are seeking adherence to a 12-year old federal law regarding shareholder allegations. They say Congress intended to end "meritless claims of securities fraud," but that federal appeals courts have adopted varying interpretations of the law.
January 08, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Supreme Court on Friday agreed to consider a case that could make it more difficult for stockholders to pursue allegations of securities fraud.
The lawsuit involves shareholder accusations that Tellabs Inc. and some of its officers and directors inflated Tellabs’ stock price by improperly booking revenue and issuing false revenue projections.
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