Second Circuit Denies Rehearing In IPO Case

Law360, New York (April 9, 2007, 12:00 AM EDT) -- A decision that reversed an earlier order granting class certification in the Initial Public Offering securities litigation will stand, after an appeals court denied the plaintiffs’ motion to rehear.

The U.S. Court of Appeals for the Second Circuit on Friday denied a motion to rehear the arguments that resulted in the court’s Dec. 5, 2006 ruling, which overturned a district court’s decision to certify the class in the massive shareholder lawsuit.

The plaintiffs in the case have alleged that investment banks underwriting IPOs often required investors...
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