Giant Interactive Loses Bid To Nix Securities Action

Law360, New York (August 10, 2009, 7:54 PM EDT) -- A federal judge has rejected a bid to toss a consolidated shareholder action against Giant Interactive Group Inc. that accuses the China-based online game developer of breaching securities laws in connection with its $886 million initial public offering in the U.S.

Judge Robert W. Sweet of the U.S. District Court for the Southern District of New York on Friday denied Giant's motion to dismiss the case, saying the plaintiffs have adequately alleged securities law violations.

The initial complaint was filed Nov. 26, 2007, three weeks after...
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