13 Jan 2010
OUCH! SEC Action v. Zomax Execs Goes Down…
U.S. District Court Judge Joan Ericksen (D. Minn.)concluded her 32-page award of summary judgment in defendants’ favor issued today with a literary reference:
In light of the relatively small amounts of the three misstatements at issue, and the apparent low risk that Defendants pose to shareholders of U.S. publicly-traded companies, the Court questions whether the SEC could not have expended its resources on more important matters. The Court similarly questions Defendants’ dubious allegations of spoliation, which served only to waste the resources of the parties and the Court. Despite all of the sound and fury of counsel, the Court concludes that, in the end, this case signified very little. See Macbeth, Act V, Scene V.
Read more for the opinion itself.
