Underwriters Want Motricity Investors' IPO Suit Tossed

Law360, Washington (February 15, 2012, 4:44 PM EST) -- Underwriters for the initial public offering of Motricity Inc., including JP Morgan Securities Inc., Goldman Sachs & Co. and Deutsche Bank Securities Inc., asked a federal judge Tuesday to throw out a putative class action lodged by shareholders of the mobile data service provider, saying they failed to show the company made false statements.

The seven underwriting financial institutions slammed the suit as a “puzzle-style” argument that failed to show how any statements related to Motricity's June 2010 IPO were false or misleading, according to their...
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