Five former high-profile executives from Midway have been found innocent of conspiracy to deceive the public about the health of the fallen company.
District Court judge David H. Coar has in the past months been hearing various allegations from out-of-pocket shareholders, who claimed that certain Midway execs knowingly kept them in the dark about the firm’s tumultuous financial condition.
But the judge ruled that the Midway execs did little more “than publicly adopt a hopeful posture that its strategic plans would pay off.”
Judge Coar said: “such preening for the financial press is classic puffery.”
The full story can be found over at Develop.