Liquid Holdings Execs Shave Some Investor Claims Over IPO
Law360 (January 2, 2019, 5:57 PM EST) -- A New Jersey federal judge has trimmed a proposed class action alleging former executives of now-bankrupt software service provider Liquid Holdings Group Inc. and the underwriter of its IPO neglected to disclose various misconduct, saying the investors haven't shown their shares were directly tied to the offering at issue.
U.S. District Judge Kevin McNulty said Monday lead plaintiffs Sidney Berger and Michael Sanders haven't demonstrated that the shares they purchased can be traced back to the company's 2013 initial public offering rather than a subsequent offering, and plaintiff Richard Karl Schmidt Trust, referred to as the "trust plaintiff," was added to...
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