iLearningEngines Inc. investors can’t proceed with a proposed class action against the now-defunct artificial intelligence company’s leadership and auditor Marcum LLP over revenue accounting, a federal court ruled.
The investors’ claims of a stock drop due to revelations in a Hindenburg Research short-seller report fail because the information in the report was already public, Judge Deborah K. Chasanow said March 20 for the US District Court for the District of Maryland.
The investors also didn’t adequately allege misleading omissions about iLearning’s relationship with a partner company, misrepresentations about its revenue, fraudulent intent by its leaders, and other issues, Chasanow said ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.