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Securities fraud lawsuits on rise

seattlepi.nwsource.com

Securities fraud class-action suits are on the rise, fueled by subprime mortgage losses, after dropping to a 10-year low in the U.S. in 2006, a study found.

Investors sued 166 companies claiming stock fraud in 2007, 43 percent more than the 116 in the prior year, according to a study by the Stanford Law School Securities Class Action Clearinghouse and Cornerstone Research.

Six Seattle-area companies were sued by shareholders: Dendreon Corp., Washington Mutual Inc., Jones Soda Co., WSB, Northwest Biotherapeutics and Zumiez.

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