Shares of Radio Shack were up nearly 5 percent on the news that CEO/President David Edmondson had resigned after confessing that two college degrees he’d listed on his resume did not, alas, exist.
Embarrassing, yes. Litigation-worthy, maybe not. As I previously blogged, the Fourth Circuit ruled a couple of years ago that such resume-padding was not material under the securities laws, in a case where the CEO's phony degree was from Syracuse University. Given that Edmondson’s delusional diplomas were from Billy Bob’s Bible School, plaintiffs' lawyers hoping to get rich from this one may need assistance from a higher power.
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