Rare Securities Class Action Trial Commences in N.D. Cal.
An actual trial–the rarest of occurrences in the securities class action world (see this post at Securities Litigation Watch for the latest, albeit dated, tally of such trials)–kicked off Tuesday in federal court in California. The Connecticut Retirement Plans and Trust Funds is lead plaintiff in the case against JDS Uniphase Corp. and four of its executives. As discussed in this Reuters article, the lawsuit alleges that defendants “lost $18 billion for investors by painting a rosy picture of the company’s finances when its stock was about to collapse.”
Labaton Sucharow’s Barbara Hart, lead counsel for the Connecticut Retirement Plans and Trust Funds, reportedly began her opening statement yesterday. JDS Uniphase, which is represented by Morrison & Foerster, is scheduled to present its opening statement today.
