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11th Circuit Upholds Coke Fraud Dismissal
A panel of the 11th U.S. Circuit Court of Appeals has upheld the dismissal of a two-year-old securities fraud case against The Coca-Cola Co. The 2005 class action complaint contended that then-Coke CEO Douglas Daft and other top executives made false and misleading statements about Coke's business and financial standing that artificially inflated the price of Coke stock. A judge dismissed the suit in 2006, saying that most of the alleged misrepresentations were mere "puffery."