January 27, 2009

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 2 Touche Tohmatsu (“DTT”), Deloitte & Touche LLP (“DT-US”), and James Copeland (collectively, the “Deloitte defendants”) for summary judgment dismissing the complaint.

See Full Document:
Master Docket

Related News