Motricity, Underwriters Defeat Investors' IPO Suit

Law360, New York (January 18, 2013, 7:23 PM EST) -- A Washington federal judge tossed a shareholder suit Thursday over Motricity Inc.'s initial public offering, finding that the plaintiffs couldn't point to any false statements made by the mobile data service provider or its bank underwriters.

The plaintiffs had alleged that Motricity and its underwriters, including J.P. Morgan Securities Inc., Goldman Sachs & Co. and Deutsche Bank Securities Inc., had made false statements during the company's 10-month IPO — beginning in June 2010 — about the rate of smartphone adoption, the functionality of the company's software...
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