Judge Dismisses Class Action Against Tyco
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A U.S. judge dismissed a class-action lawsuit against Tyco International Ltd. that originated in 1999 amid accounting fraud allegations and a Securities and Exchange Commission inquiry into how the company reported acquisition costs.
Paul Barbadoro, chief judge of the U.S. District Court in Concord, N.H., said the allegations were “untimely,” unreasonable, lacked specifics and fell “well short of stating a viable securities fraud claim.”
Shares of Bermuda-based Tyco rose $2 to close at $29.50 on the New York Stock Exchange.
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