Investor Properly Pleaded Misstatements By Lockheed Officers, Judge Rules

Investor Properly Pleaded Misstatements By Lockheed Officers, Judge Rules

NEW YORK - Although a retirement system has shown that Lockheed Martin Corp. and certain of its executive officers misrepresented the company's business and financial condition in violation of federal securities law, it has failed to plead control person liability, a federal judge in New York ruled July 13 in granting in part and denying in part the defendants' motions to dismiss (City of Pontiac General Employees' Retirement System v. Lockheed Martin Corp., et al.,  No. 11-5026, S.D. N.Y.; 2012 U.S. Dist. LEXIS 97185).

Find full version on lexis Advance®
Access this news story on lexis.com®