The Supreme Court ruled 5-3 against investors in a lawsuit that restricted their ability to sue third parties unless investors rely directly on their advice.
The Supreme Court listened to arguments in the case, Stonefield Investment Partners LLC vs. Scientific Atlanta Inc. and Motorola Inc., last October (see Supreme Court Hears Arguments in Investor Case). Stoneridge, an investment fund, lost money in shares of Charter Communications Inc. and accused third parties Motorola and Scientific-Atlanta (now part of Cisco Systems) of helping Charter inflate its revenues. Stoneridge did not claim that Motorola and Scientific-Atlanta made any misstatements to the public, but said they engaged in transactions with Charter that it mischaracterized on its financial statements.
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