Foundry Case Dismissed

Foundry Networks (Nasdaq: FDRY) has obtained a dismissal, with prejudice, of the securities class action against the company in the N.D. of Cal. The case was originally filed in January 2001.

Securities Litigation Watch reports that it was the fifth amended complaint in the case and “the Court found that plaintiffs had, at most, alleged facts giving rise to a ‘reasonable inference’ (rather than the required ‘strong inference’) that defendants knew the challenged statements were false when made.” A copy of the order can be found here.

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