Appeals court dismisses Home Depot classaction
Home Depot counted a victory in appellate court this week, following a decision by the 11th Circuit Court of Appeals to dismiss a two-year-old fraud class-action lawsuit.
The plaintiffs, all investors, had alleged that Home Depot executives were responsible for inflating its revenues artificially.
The primary plaintiff, the retirement board of Bucks County, Pa., alleged executives at Home Depot made misleading statements that improperly inflated financial results, and other violations under the Private Securities Litigation Reform Act of 1995.
The appellate court unanimously ruled that the class action did not meet the “stringent” requirements of the Reform Act.