Thornburg Underwriters Rightly Dropped From Suit: 10th Circ.

Law360, Los Angeles (July 9, 2013, 8:32 PM EDT) -- The Tenth Circuit on Tuesday affirmed a district court’s dismissal of Securities Act claims against banks that underwrote a series of stock offerings for bankrupt lender Thornburg Mortgage Inc., finding that the plaintiffs failed to plead sufficient facts that implicate the underwriters.

Plaintiffs in the suit, investors in some of Thornburg’s stock offerings issued in 2007 and early 2008, targeted Thornburg and Thornburg’s officers, as well as the underwriters in the offerings, alleging that documents related to the four public offerings contained material misstatements and omissions....
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