Artificial intelligence software company C3.ai Inc. won the dismissal of most claims in a shareholder derivative action alleging its board misrepresented their sales force capacity ahead of an initial public offering, while oil field service company Baker Hughes won the dismissal of claims that it exercised control over C3 as a minority investor in the company.
The US District Court for the Northern District of California, however, granted the plaintiffs leave to file an amended complaint within 21 days.
The class action complaint alleges that C3.ai wasn’t profitable at the time of its IPO in December 2020, through December 2021, ...
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