Friday, December 21, 2012

National Elevator Industry Pension Fund v. VeriFone Holdings (9th Cir. - Dec. 21, 2012)

I think the internal e-mails in this securities class action are even more damning than Judge McKeown does.  Either way, the dismissal of the complaint must be reversed.

Read the opinion if you invest in stocks and wonder if companies engage in accounting tricks to manipulate earnings numbers.  The focus on hitting a "target" regardless of the means employed appears overwhelming.