Blackstone Takes IPO Class Action To Supreme Court

Law360, Washington (July 11, 2011, 5:18 PM EDT) -- The Blackstone Group LP asked the U.S. Supreme Court in late June to nix a putative class action alleging the investment firm failed to disclose material information to investors in connection with its $4.5 billion initial public offering in 2007.

In February, the Second Circuit reversed a lower court's decision to dismiss the suit, saying Blackstone had a duty to disclose information related to troubled investments in FGIC Corp., Freescale Semiconductor Inc. and certain real estate assets.

Blackstone's petition, filed June 28 and obtained Monday, asks...
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