Mealey's Securities/D&O Liability - Lead Plaintiff Failed To Plead Scienter In Securities Class Action, Judge Rules

Mealey's Securities/D&O Liability - Lead Plaintiff Failed To Plead Scienter In Securities Class Action, Judge Rules

NEW YORK - In a ruling made available on Feb. 26, a federal judge in New York dismissed federal securities law claims against an auditor for a Chinese company, ruling that claims that the auditor engaged in an illegal reverse merger scheme failed because the lead plaintiff did not properly plead scienter (Bhushan Athale v. SinoTech Energy Limited, et al., No. 11-5831, S.D. N.Y.; 2014 U.S. Dist. LEXIS 22996).

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