A summary of Southern California-related business litigation developments during the past week.
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Shareholder Sues Ashton-Tate Executives: A shareholder of Ashton-Tate Corp. filed suit in Los Angeles Superior Court Wednesday against the company’s officers and directors, charging that a conspiracy existed to artificially inflate the software company’s stock and violate securities laws. The stock fell from a high of $30.75 a share to $18 a share after a June 13, 1989, announcement that the firm would lose $15 million in the second quarter of 1989. The damages being sought are unspecified. Shareholder Sara Shields filed the suit on behalf of the company. A spokesman for Ashton-Tate said: “We need to wait until we see (the suit) before we can comment.” (Filed Jan. 17, 1990. Case No. C749444)
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