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Judge Stops Securities-Fraud Lawsuit against Internet Music Retailer CDnow.
Knight Ridder/Tribune Business News, April, 2001
By Joseph A. Slobodzian, The Philadelphia Inquirer Knight Ridder/Tribune Business News
Apr. 13--A federal judge yesterday dismissed a class-action securities-fraud lawsuit against Internet music retailer CDnow Inc., ruling that the plaintiffs had failed to prove that corporate officers had misled investors about an aborted 1999 merger with Sony Corp. and Time Warner Inc.'s Columbia House unit.
U.S. District Judge Marvin Katz wrote that the plaintiffs had presented nothing but "unsupported and conclusory allegations" to back up their fraud theory.
Katz noted that Congress, in passing the Private Securities Litigation Reform Act of 1995, had tightened the legal standards of proof required of plaintiffs in shareholders' securities lawsuits....
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