FriendFinder Ducks Investor Class Action Over $50M IPO

Law360, Los Angeles (March 18, 2014, 7:09 PM EDT) -- A Florida federal judge on Tuesday junked a proposed securities class action accusing FriendFinder Networks Inc. executives of selling their shares contrary to an agreement over the company's $50 million initial public offering, ruling that investors upset about a post-IPO stock drop lacked standing.

Granting a motion to dismiss filed by FFN and its executives, U.S. District Judge Donald M. Middlebrooks denied plaintiffs' "threadbare assertion" that FFN's alleged active solicitation of stock — which the company sold to underwriters — was enough to establish its seller...
To view the full article, register now.
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.