Venable Again Beats $11M Facebook IPO Fraud Suit

Law360, New York (August 16, 2013, 6:35 PM ET) -- A California judge on Thursday shut down a suit brought against Venable LLP by a private investment company that claims the firm helped an alleged fraudster dupe it out of $11.25 million in bogus pre-IPO Facebook shares, saying the company had not stated a convincing fraud claim.

U.S. District Judge Otis D. Wright said ESG Capital Partners LP had failed to correct the pleading deficiencies that led to his previous June dismissal order, and tossed the company's legal malpractice suit with prejudice this time after confirming...
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