Judge Rejects 'Novel' Bid To Sue IPO Underwriters

Law360, New York (March 13, 2009, 12:00 AM EDT) -- A federal judge has dismissed a consolidated securities action brought by a single investor targeting the late 1990s initial public offerings of 54 companies and their stock underwriters after ruling that the plaintiff made an insufficient demand of the stock issuers and did not merit tolling the statute of limitations.

On Thursday Judge James L. Robart of the U.S. District Court for the Western District of Washington dismissed 30 of the complaints without prejudice based on the stock issuers' argument for lack of subject matter jurisdiction...
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