Brazilian Retailer Escapes Suit Over Pre-IPO Disclosures

Law360 (July 11, 2019, 7:02 PM EDT) -- A New York State Supreme Court judge dismissed Thursday an investor's proposed class action alleging a retailer made misleading statements ahead of its initial public offering, finding a number of the statements at issue were opinions that aren't actionable under the U.S. Supreme Court's Omnicare ruling.

Justice Andrew Borrok said 1199SEIU Health Care Employees Pension Fund, the pension fund that brought the lawsuit against Brazilian retailer Netshoes, contested some statements that were prefaced by the word "believe," making them "inactionable" opinions under a 2015 ruling by the nation's high court. Justice Borrok dismissed various other statements because they were about past performance,...

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