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Align Tech and execs escape finance fraud lawsuit

Fri, 12/13/2013 - 9:29am
Mass Device

Align Technology, its CEO and its CFO managed to dodge a federal class action lawsuit accusing them of reaping millions through insider trading while misstating the dental devices maker's financial position.

Align Tech and execs escape finance fraud lawsuit

California dental devices maker Align Technology (NSDQ:ALGN) and 2 of its top executives are off the hook after a federal judge dismissed a class action lawsuit accusing the company of misrepresenting its finances and reaping millions through illegal trading.

U.S. District Judge William Orrick threw out the lawsuit after ruling that the plaintiffs never accused Align or its leadership of any willful misconduct and that the lawsuit failed to specify how any of the challenged financial statements were specifically false or misleading.

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