Motricity Dodges Shareholder Suit Over IPO

Law360, New York (October 2, 2013, 1:18 PM EDT) -- A Washington federal judge put the kibosh on a shareholder suit over Motricity Inc.'s initial public offering for the final time Tuesday, finding that the plaintiffs had simply repackaged already dismissed allegations of false statements by Motricity and its bank underwriters.

U.S. District Judge Thomas S. Zilly said that the plaintiffs' third amended complaint adds little to their second amended complaint, which he dismissed in January after finding that Motricity and its underwriters, including JPMorgan Securities Inc., Goldman Sachs & Co. and Deutsche Bank Securities Inc.,...
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