Aviva Partners, LLC v. Exide Technologies

Decision on Motion to Dismiss

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This is the court's decision denying defendants' motion to dismiss in a case that covers all purchasers of the common stock of Exide Technologies (“Exide”) during the period from May 5, 2004 through May 17, 2005 and alleges that Defendants misrepresented Exide’s financial condition by concealing that the Company was unable to maintain the ratio of debt to equity that was required under a secured credit facility. The court held that the plaintiffs' complaint adequately alleged the elements of securities fraud under Sections 10(b) and 10b-5 of the Securities Act as well as controlling person liability under Section 20(a).

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Published In: Securities Updates

Reference Info:Decision | Federal, 3rd Circuit, New Jersey | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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