Dismiss the shareholders complaint

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Question

Ronald Basso worked for Excel Inc,. a financial services firm owned by General Electric Co. (GE). Over a three-year period, Basso allegedly engaged in a scheme to generate false profits at Exel to increase his performance-based bonuses. When the scheme was discovered,GE shareholders who had bought stock in the previous year filed a suit in a federal district court against GE. The shareholders alleged that GE should be liable for securities fraud under 10b-5. They argued that GE obviously "looked the other way" in its pursuit of profits. On what basis might the court dismiss the shareholders complaint?

Reference no: EM133613066

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