May 10 2007
San Francisco, CA: (May-09-07) Shareholders tried to file a class action lawsuit against the company and its board members and executives for financial fraud. The lawsuit claimed Padres owner John Moores, Peregrine's biggest shareholder and longtime director, violated California's insider trading laws and put his personal financial interests before other shareholders. The lawsuit alleged that Moores sold or transferred more than $487 million worth of Peregrine shares during a 33-month period that was rife with fraud. San Diego Superior Judge Joan Lewis dismissed the case and concluded that federal law prohibits state courts from hearing shareholder lawsuits that seek to recover losses for more than 50 shareholders.
[UNION TRIBUNE: FINANCIAL FRAUD
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