Parmalat Finanziaria, S.p.A., Parmalat S.p.A. and their affiliates (collectively, “Parmalat”) collapsed upon the discovery of a massive fraud that reportedly involved the understatement of Parmalat’s debt by nearly $10 billion and the overstatement of its net assets by $16.4 billion. Plaintiffs, purchasers of Parmalat securities between January 5, 1999 and December 18, 2003 (the “Class Period”), seek damages against Parmalat’s accountants, banks and others. In a series of decisions, the Court granted in part and denied in part various motions to dismiss. It certified a class consisting of domestic parties who purchased or otherwise acquired Parmalat securities during the Class Period. The matter now is before the Court on the motions of Deloitte Touche Tohmatsu (“DTT”), Deloitte & Touche LLP (“DT-US”), and James Copeland (collectively, the “Deloitte defendants”) for summary judgment dismissing the complaint.
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