The Philadelphia area’s mass transit system may proceed with several securities claims against Orrstown Bank and others involved in an allegedly unsound stock offering, a federal court in Pennsylvania ruled.
The Southeastern Pennsylvania Transportation Authority provided far greater detail about alleged misconduct in the latest version of its complaint against Orrstown, its parent company, numerous employees, the stock offering’s underwriters, and an auditing firm, Judge Yvette Kane said Thursday for the US District Court for the Middle District of Pennsylvania. The additional allegations were derived from documents exchanged in discovery, she said.
Kane approved some Security Exchange Act claims that ...
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