On August 16th, a federal district court dismissed a putative class action securities fraud complaint alleging that defendants made material misrepresentations about the adequacy of a subsidiary's loss reserves and the quality of its loan portfolio. Most of the alleged misstatements were general statements of optimism or non-actionable puffery. The remaining misrepresentations fall for plaintiffs' failure to adequately plead scienter. Woodward v. Raymond James Financial, Inc.
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Securities fraud lawsuit dismissed
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