LIVE COVERAGE: Dewey Trial Resumes With Ex-Partner On Stand
9th Circ. Revives 2 Dozen Suits Over IPOs
By Allison Grande
Law360, New York (December 02, 2010, 8:20 PM ET) -- A federal appeals court on Thursday partially revived a consolidated securities action brought by an investor over the late-1990s initial public offerings of 54 companies, reversing the dismissal of 24 complaints that accuse a slew of investment banks of engaging in prohibited short-swing transactions in connection with the IPOs.
While the lower court correctly dismissed 30 of the consolidated complaints based on plaintiff Vanessa Simmonds' inability to present an adequate demand letter to the issuing companies prior to filing suit, it erred in nixing 24 of...