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NEW YORK — Bloomberg LP and Internet Wire Inc. were used as “unwilling dupes” by the creator of a false Emulex Corp. press release and shouldn’t be held financially responsible for investors’ losses, a federal judge ruled.
U.S. District Judge Milton Pollack in Manhattan issued a 15-page opinion Thursday dismissing a complaint filed last year by Emulex (EMLX) shareholder Ronald Hart, who claimed Bloomberg “falsely reported to the investing public” details of the fake release that caused Emulex’s stock to plunge 60% in a matter of minutes.
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