Telecom Wins Securities Class Action
A telecommunications company has won a securities class-action trial in one of the few cases to reach a jury.
The JDS case is one of seven defense wins out of the 11 securities cases that have reached a verdict since 1996, the newspaper reports.
The suit by Connecticut Retirement Plans and Trust Funds had contended JDS misrepresented its financial picture while executives sold large amounts of their own stock. The stock price later saw a substantial drop.
The defense had argued the stock crashed because of the overall telecom market, and executives were unaware of the impending problems.