The U.S. District Court for the District of Minnesota tossed out a would-be class securities fraud action Aug. 1 alleging that data storage systems provider Compellent Technologies Inc. and several of its officials misled investors through faulty financial disclosures (McDonald v. Compellent Technologies Inc.).
Judge Patrick J. Schiltz said that “Compellent’s stock price fell over the course of the class period. Various insiders made a lot of money by selling Compellent stock before the price fell. And Compellent executives made some optimistic statements that turned out, in hindsight, to have been too optimistic. These facts do not amount ...
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