A federal judge in Washington recently dismissed a securities class action against the Washington Post Company, finding that the plaintiff shareholders failed to adequately plead their case, according to Legal Times sibling publication Am Law Litigation Daily.
A group of investors sued the Post Co. in U.S. District Court for the District of Columbia in October 2010, accusing company officers of misleading investors by releasing false information on the health of its for-profit educational services arm, Kaplan Inc.
The Post Co. moved for a dismissal in August, arguing that the complaint lacked any specific allegations of deliberate fraud on the part of the Post Co. or its officers, and that any financial losses were the result of changes in the regulatory environment surrounding Kaplan and other similar companies.
On Dec. 23, U.S. District Judge Barbara Rothstein granted the Post Co.’s motion. Check out Am Law Litigation Daily for the full story.