Venable Pushes To Toss Suit Over $11M Facebook IPO Fraud
Law360, New York (June 4, 2013, 4:46 PM EDT) -- Venable LLP again moved to dismiss a legal malpractice suit by ESG Capital Partners LP alleging the law firm helped a known con man defraud the investment manager of $11.2 million by falsely promising Facebook shares before the company's initial public offering, arguing Monday that the complaint lacks specific factual allegations.
The law firm said that ESG has been forced into "mischaracterizing its conclusory allegations and arguing 'facts' that simply are not alleged" because its complaint lacks concrete facts.
"Plaintiffs do not and cannot point to a single case in which a court has permitted such conclusory claims to proceed past...
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