A federal judge yesterday dismissed a lawsuit by former employes of U.S. News & World Report who charged the magazine's former management with wrongfully concealing the true value of their stock and depriving them of stock profits.

U.S. District Court Judge Barrington Parker said that the former employes had "failed to support their claims," and that the appraisals during the period in question were "perfectly reasonable and acceptable." He said that the U.S. News directors had acted "in an entirely appropriate manner."

Fred Drasner, president and chief executive officer of U.S. News, said, "We are delighted with the court's decision."

Alan Raywid, attorney for the plantiffs, said he would recommend to his clients that they appeal the decision. "We believe he {Parker} took the wrong view on a number" of rulings, he said.

Lawrence J. Latto, attorney for the employes' profit-sharing plan, said he was pleased with the decision, but added that an appeal would mean that current employes would have to continue to wait to receive the full profit-sharing proceeds from the sale.

The class-action litigation by more than 230 former employes was triggered by the sale in 1984 of U.S. News to Mortimer Zuckerman, a Boston-based real estate developer.

Zuckerman paid $163 million to stockholders and an additional $13 million to senior executives for deferred compensation promised them under previous management. That gave the deal a total price tag of $176 million.

When U.S. News was employe-owned, employes were required to sell back their stock, which they acquired through a bonus plan, when they retired, and to liquidate their interests in the U.S. News profit-sharing plan. Because the stock was not publicly traded, it was necessary to determine the value of the stock by appraisal.

The former employes said they were cheated out of $45.4 million plus interest, because the stock and profit-sharing interest was undervalued in the appraisal process.

Former employes said the company and appraiser failed to include the true value of four acres of undeveloped real estate the magazine owned. They said they were unaware of the true value of the magazine until it was announced in December 1983 that the magazine was to be sold.

The court found that the management made no attempt to conceal relevant information in its annual appraisals or from stockholders, and that the approach used by the appraisal company "adequately took account of the company's underlying assets."

The court case has meant that employes who owned stock at the time of the sale and were participating in the profit-sharing plan have had to wait to receive the full benefits of the sale.

The former employes attempted to block distribution of much of the $163 million to the profit-sharing plan. Parker eventually ordered that $47.5 million of the proceeds be held back from distribution until the case is resolved. In addition, Zuckerman withheld $10 million of the $163 million to cover legal fees and other related expenses.