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Securities fraud lawsuit against Best Buy dismissed

Minneapolis -- Best Buy Co. said Wednesday that the U.S. District Court has dismissed putative securities fraud class actions against the retailer and three of its officers.

With regard to the class action lawsuit filed last year, the court on Tuesday dismissed all counts for lack of substantiation.

"We have maintained since the beginning of this case that the allegations are wholly without merit. We are pleased that the court’s decision has vindicated Best Buy and its officers of the unfounded accusations in the plaintiffs` complaint," said Keith Nelsen, executive VP and general counsel for Best Buy.

A San Diego law firm filed the suit in March 2011, claiming that Best Buy made false and misleading statements about its financial position, causing investors to lose money when the company’s stock plummeted.

The court denied a plaintiffs’ request to file a further amended complaint.
 

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