Cole Schotz Wins AI-Related Securities Case in U.S. District Court of Maryland
Cole Schotz announced a victory in the United States District Court for the District of Maryland on behalf of the AI learning platform, iLearning. The Court dismissed with prejudice a securities class action lawsuit alleging fraud. It also found that the plaintiffs’ claims against the executives, including a board member of a private equity firm, failed because they lacked standing to sue, as well as for failure to adequately plead material omissions or misrepresentations.
The Cole Schotz team was led by former Acting U.S. Attorney for the District of Maryland and Member Phil Selden and Special Counsel Alicia L. Shelton. They worked on this case in partnership with Kozyak Tropin & Throckmorton.
The case is Walker v. Chidambaran et al., case number 8:24-cv-02900, in the U.S. District Court for the District of Maryland.
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As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication. No aspect of this advertisement has been approved by the highest court in any state.
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