Civil Litigation
Mar. 2, 2021
Sales projections not misleading, judge says, tossing securities action
U.S. District Judge Virginia A. Phillips of the Central District of California reasoned that the pessimistic viewpoints of former employees about a company’s sales goals are not enough to indicate executives had the intent to commit securities fraud.
A federal judge has dismissed a securities action filed against Funko Inc., finding that its sales projections in 2019 were not misleading and did not rise to fraud, applying a circuit opinion that said Tesla's executives did not mislead investors about its Model 3 vehicle's production timeline.
Both the 9th U.S. Circuit Court of Appeals in Tesla and U.S. District Judge V...
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