Photo: Ryland West/ALM Skadden Wins Securities Fraud Dismissal for Israeli Intelligence Company
U.S. District Judge Lorna G. Schofield threw out a case centering on the company's stated compliance with Meta's community standards, but plaintiffs have a chance to address the faults in their complaint.
October 01, 2024 at 04:37 PM
3 minute read
Securities fraud claims against an Israeli security analytics company have been dismissed, with a Southern District of New York judge finding the shareholder plaintiff hadn't shown public statements were false or misleading to a point that could support its claims.
In an opinion released Monday, U.S. District Judge Lorna G. Schofield ruled in favor of Cognyte Software Ltd., represented by Skadden, Arps, Slate, Meagher & Flom. The decision gives the Scott+Scott-represented plaintiff shareholder, the City of Omaha Police and Firefighters Retirement System, leave to file an amended complaint and a letter explaining how the changes made in it resolve the issues addressed in her opinion by Oct. 21.
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