Venable Tries To Ax Suit Over $11M Facebook IPO Fraud

Law360, New York (May 7, 2013, 3:19 PM EDT) -- Venable LLP moved in California federal court Monday to dismiss a securities legal malpractice suit by investment manager ESG Capital Partners LP over an alleged $11.2 million fraud related to Facebook Inc.'s initial public offering, claiming ESG's claims are time-barred and short on facts.

The law firm also said that ESG cannot press its negligence claim over a scheme by alleged fraudster Troy Stratos to bilk potential Facebook IPO investors out of their funds because ESG managing agent Timothy Burns was part of the scheme....
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

ESG Capital Partners LP v. Troy Stratos et al


Case Number

2:13-cv-01639

Court

California Central

Nature of Suit

Securities/Commodities

Judge

Otis D. Wright, II

Date Filed

March 7, 2013

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.