2nd Circ. Nixes Pzena Shareholders' IPO Action

Law360, New York (September 9, 2009, 5:10 PM EDT) -- A federal appeals court has affirmed a decision to throw out a securities class action against Pzena Investment Management Inc. and investment banks Goldman Sachs & Co. Inc. and UBS Securities LLC over Pzena's 2007 initial public offering.

The U.S. Court of Appeals for the Second Circuit on Tuesday backed a decision in the U.S. District Court for the Southern District of New York to dismiss a complaint by investors claiming they were tricked into buying Pzena stock.

Investors claimed the defendants made untrue statements and...
To view the full article, register now.