Fintech Lender Loses First Of 2 Bids To Kill Stock-Drop Suits
Law360, New York (November 26, 2019, 6:26 PM EST) -- A Manhattan federal judge on Monday brushed off an attempt by financial technology startup GreenSky Inc. to kill off claims that it misled investors ahead of its billion-dollar initial public offering, but undeterred, GreenSky tried its arguments on a state court judge in a parallel case on Tuesday.
Investors say that GreenSky, which employs a mobile app to provide on-the-spot credit for big-ticket consumer purchases, raised a billion dollars in an upsized IPO in May 2018 but did so in violation of federal securities laws that require disclosure of significant business risks, which led GreenSky's stock to drop 60% just months...
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