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© tom schmucker / dreamstime.com Electronics Production | December 30, 2011

Celestica: Shareholder lawsuit back on the table

A U.S. appeals court reversed the dismissal of a lower court in a shareholder lawsuit. EMS-provider Celestica is accused of securities fraud.
A panel of the 2nd U.S. Circuit Court of Appeals in New York reversed a ruling (from October 2010) of a lower court, which dismissed the lawsuit.

Celestica investors - lead plaintiffs are the New Orleans Employees Retirement System and three Ontario funds: Millwright Regional Council of Ontario Pension Trust Fund, Carpenter's Local 27 Benefit Trust Fund and Dry Wall Acoustic Lathing and Insulation Local 675 Pension Fund - sued the company, its former chief executive officer, Stephen Delaney and its former chief financial officer, Anthony Puppi, in 2007.

The complaint sought damages on behalf of investors who owned Celestica shares between January 27, 2005 and January 30, 2007.

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