Court rejects Maytag lawsuit
- Font Size:
- Default font size
- Larger font size
A federal judge dismissed a lawsuit filed by a New York investment adviser against Maytag Corp. and its former chief executive and chief financial officer.
Barry Yellen, an investment adviser for trust and retirement funds accused former Maytag chairman and CEO Ralph Hake and former CFO George Moore of deceiving the public about the company’s business outlook last spring.
The lawsuit, filed in July in U.S. District Court in Des Moines, alleged that the deception in March 2005 prompted thousands of people to buy the company’s stock at artificially inflated prices that later plummeted.
The lawsuit alleged that Hake and Moore were trying to increase the purchase price of the company because they were trying to sell Maytag and they both owned thousands of shares of Maytag stock.
Court documents said Hake had 789,438 shares of company stock and Moore held 88,187 shares.
Attorneys for Maytag, Hake and Moore said Maytag’s public forecasts were consistent with forecasts discussed internally at private board meetings. They also claimed they had included cautionary language in their forecasts that warned investors that numerous factors could affect earnings.
del.icio.us
Digg
NewsVine
Fark
redditMore Stories By The Associated Press
() comments
» More Business Stories
Highest Rated Articles from the last 7 Days
- Business Plan Templates
- Create a Professional Business Plan in less than a day. $79.95.
- www.templatezone.com
- how to write a business plan
- Find the Latest On how to write a business plan Here.
- BusinessPlannerz.com
- Business Plans
- Learn how to write a professional business plan.
- plans-business.net
- Ads by Yahoo!
