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Class Action Shareholder Suit against American Italian Pasta

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At a glance:

A class action shareholder lawsuit against American Italian Pasta Co. has been given the go-ahead by a federal judge. 
 
The suit alleges that the company misled investors to artificially inflate the stock price. Insiders then sold their shares before the company announced an accounting charge and that previous financial statements were inaccurate. 
 
The stock then plummeted. 
 
The company and its outside accounting firm, Ernst & Young LLP, are the defendants.

Gardy & Notis, LLP Files Securities Fraud Class Action Against ...

PrimeZone (press release) - 6/23/2006 7:02 AM

A federal judge has allowed a shareholder lawsuit alleging widespread fraud at American Italian Pasta Co. to move forward.
 
However, the judge dismissed all claims against one former executive plus all derivative claims and derivative defendants. The dismissal included all claims linked to the company's founder, Richard Thompson.
 
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