Judge Dismisses Class Action Over Xinhua IPO

Law360, New York (February 26, 2009, 12:00 AM EST) -- Writing that the plaintiffs failed to state a claim, a judge has dismissed a putative securities class action tied to the initial public offering of Chinese media company Xinhua Finance Media Ltd.

In an opinion Wednesday, Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York dismissed the suit against Xinhua and its former chief executive officer Loretta Fredy Bush and former chief financial officer Shelly Singhal.

The judge also dismissed the underwriters of the IPO – J.P. Morgan Securities...
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